GABORONE, Aug. 27 (Xinhua) -- The Botswana Stock Exchange (BSE) and the Zimbabwe Stock Exchange (ZSE) on Tuesday announced their intentions to sign a collaborative deal to foster prosperity of their financial markets.

The two exchanges also unveiled a joint strategy to provide a framework for cooperation in multiple areas, including product and market development, and promotion of cross listings.

"We are happy to partner with the Zimbabwe Stock Exchange as an extension to our mandate and contribute not only to the development of the capital markets, but the region as a whole," said Thapelo Tsheole, chief executive officer of the BSE.

The agreement to be signed next month will promote cross border investments, cross border listings and explore further opportunities for cooperation between both institutions.

The deal is also expected to cement information sharing between the two exchanges.

"This partnership will foster the development of the capital markets and contribute immensely to the economic development of Zimbabwe and SADC (Southern African Development Community). For us, it is a practical step towards the upliftment of our two economies," said Justin Bgoni, chief executive officer of the ZSE.