Botswana must diversity its economy to reduce its heavy dependence on diamond industry, the country's President Duma Gideon Boko said.
In an interview with the China Media Group (CMG) on Thursday, President Boko said that although diamond industry has long powered Botswana's economy, current challenges facing the industry would bring a significant impact on the country's economy.
"If we talk in terms of numbers, facts and figures, the diamonds have accounted for over 80 percent of Botswana's total revenue over the years. Of this revenue, Botswana has been able to build infrastructure, provide healthcare, provide education, send its young people to schools abroad, the best institutions. And so the diamonds have literally powered Botswana's economy," he said.
"And recently, we've seen a slump in the diamond industry. And when you have 80 percent of your total revenue take as a country reliant on a single commodity, and that commodity is facing the kinds of challenges that the diamond industry has faced, then it means your economy has been severely affected. And as a result, Botswana has no choice but to diversify," said Boko.
Boko paid a state visit to China from Oct 12 to 17 at the invitation of Chinese President Xi Jinping.
Botswana's president eyes economic diversification, reduced reliance on diamonds
