- Transformative solutions to revolutionise Botswana’s transport and energy sectors
Botswana Insurance Company (BIC) and its Chief Operations Officer (COO), Advise Fele, showcased their leadership in the transport and energy sectors at the recently concluded Botswana Transport and Energy Summit 2023.
Under the theme “Leveraging Modern Transport and Energy Capabilities to Transform the Botswana Economy,” the summit united industry stakeholders to discuss challenges and explore opportunities for economic development. Fele emerged as a prominent figure, promoting transformative solutions to revolutionise Botswana’s transport and energy sectors. His visionary insights positioned BIC as a thought leader, spearheading efforts to drive economic growth through modern transport and energy capabilities.
He stressed the critical role of infrastructure investment, particularly in railways and roads, to propel Botswana’s economic potential. Fele emphasised the country’s ability to tap into high-performing markets within the Southern African Development Community (SADC) region through enhancing its transportation networks to meet global standards. “Upgrading our transportation infrastructure not only unlocks significant business potential but also strengthens our connectivity with key markets, paving the way for accelerated growth,” he said. Acknowledging the evolving demands of businesses and consumers, he underscored the significance of technological advancements in the transport sector.
Citing the groundbreaking hyperloop technology developed by Virgin (a company), he showcased the potential to revolutionise goods and passenger transportation. Fele urged stakeholders to embrace forward-thinking initiatives and to make strategic investments in cutting-edge technologies, emphasising their potential to foster innovation and propel Botswana’s economic trajectory.
In addition to infrastructure and technology, the COO of BIC highlighted the crucial role of insurance in supporting growth of the transportation industry. BIC’s comprehensive insurance policies, including Goods in Transit and Fleet Cover Insurance, play a vital role in safeguarding businesses and the economy. “By securing our transportation systems, we create an environment conducive to growth, innovation, and limitless opportunities for our nation,” Fele noted.
Addressing the challenges faced by the transportation industry, he acknowledged overcapacity resulting from the COVID-19 pandemic and geopolitical events such as the Ukraine-Russia war. Rising fuel costs, low operating margins, and stricter regulations further intensified the industry’s concerns. Fele stressed the importance of comprehensive insurance coverage, such as BIC’s Clean Up and Spillage policy, in mitigating risks and enabling businesses to navigate these challenges effectively.
He also shed light on the abundance of opportunities in the transport sector and highlighted the projected growth of the global logistics market, estimated to reach an impressive $12,975.64 billion by 2027. Fele emphasised the need for sustainable practices and urged companies to integrate eco-friendly measures throughout their supply chains. Aligning with the global low-carbon transition, he emphasised: “Investors, consumers, and technology are increasingly focused on driving sustainability, offering immense opportunities for forward-thinking businesses.”
Giving a keynote address at the summit, Acting Minister of Minerals and Energy, Thulaganyo Segokgo, said the goal of the summit was to engage in a dialogue that focuses on the need for integrated transport and energy planning. Minister Segokgo emphasised the cross-cutting nature of transport and energy in developing Botswana’s economy amidst the economic challenges of the COVID-19 pandemic and the impacts of the Ukraine-Russia war.
His remarks resonated with Fele, who stressed the importance of collaboration and integrated planning to realise Botswana’s economic potential. Fele stated: “By aligning transport and energy planning, we can create a robust foundation for economic growth and overcome the challenges posed by recent events. โIt is crucial that all stakeholders work together to foster innovation, drive investments, and develop sustainable solutions.”
