Botswana has opened its doors to Russian investment in its rare earth metals and diamond sectors, signalling a push to diversify partnerships while preparing to open an embassy in Moscow, Reuters reported.

Phenyo Butale, Botswana’s foreign minister, said that Botswana is prepared to welcome Russian expertise, investors, and companies focused on rare earths. He noted that this initiative follows discussions with Russian Foreign Minister Sergey Lavrov and described Botswana as a politically and economically stable market, calling it the best place for investment.

Butale added that Russian companies, including Norilsk Nickel, have previously operated in Botswana, settling a 2021 dispute over the sale of Nornickel’s African assets to the BCL Group.

Diamonds remain central to Botswana’s economy, accounting for roughly one-third of national revenues and three-quarters of foreign exchange earnings. The country now hopes to replicate this success in the rare earth metals sector, a resource critical to technology and clean energy industries worldwide.

Botswana’s invitation comes as Russia seeks to expand its footprint in Africa amid heightened geopolitical competition with Western powers. Officials say closer economic ties, supported by a Moscow embassy, could facilitate trade, investment, and expertise exchange in high-value mineral sectors.

“This is part of our strategy to attract foreign investment and ensure Botswana remains a reliable, stable partner for international companies,” Butale said, encouraging Russian investors to consider opportunities in both rare earths and diamonds.