This chapter highlights Botswana’s economic trajectory since independence, and the liberalisation process engaged in recent decades. It demonstrates that Botswana has made vast progress in terms of improving its business climate, and is recognizing the need for a modernisation of public sector roles and responsibilities vis-à-vis the private sector. The chapter then takes stock of Botswana’s latest investment policy reforms and of the economy’s recovery after the impacts of the global financial crisis – including through recent national growth and development strategies, such as the Economic Diversification Strategy (EDD) for 2011-16. Lastly, persisting development and investment climate challenges are emphasised. This overview helps to uncover options for Botswana to channel new investment flows which can foster the growth of novel industries. It also proposes means for increasing investment linkages in the local economy, among large and small enterprises both domestic and foreign – including through investing resources in human resource development. Challenges and opportunities for channelling private sector participation towards the infrastructure sector are also addressed. Altogether, these policy recommendations strive for strengthening the legal and regulatory framework for investment in Botswana, in order to more coherently attract the FDI and local investment needed to realize the country’s growth and diversification objectives.