Investors ready to invest in Lesotho

Investors ready to invest in Lesotho

Ezekiel Morake

Shortly after he delivered unimpressive budget, Finance Minister Dr. Moeketsi Majoro rushed to Avani Maseru to respond to questions from the audience.

Majoro sitting with his finance technocrats in the ministry of finance on the stage told the filled to capacity Hall that the Investors were coming to invest in Lesotho and that barriers needed to be removed. He said one of the investors who had planted Cannabis for medical purposes was ready to export his produce. Majoro said 50 licenses had been issued to the people and more would be issued so that more investors could come to create jobs for Basotho.

He said the government was on the way to finding solutions. Majoro said that the government was looking for people to be involved in Agriculture and farming. He said that 80 investors were going to invest M10 Billion into the Lesotho economy and that 20000 jobs would be created.

“Government has tapped into a new emerging agricultural market of producing medical Cannabis for exportation and processing. The ministries of Health, Agriculture and food security and of Trade and Industry have joined hands to make this wonderful initiative a success,” said Majoro.

He said the government was facing fiscal crisis and that the people were also facing job crisis, therefore it was upon the government to go out and court the investors so that they could come and create jobs in the country.

“The ministry of Trade and Industry and the LNDC are incubating several new business ventures including 8 new firms in clothing and electrical components, with an estimated 8000 jobs to be created in 2 years, fresh produce activity and an out-grower scheme aiming at 500 jobs in the Maseru area, expansion of area under deciduous fruit production to increase from current 34 hectares to 150 hectares in the medium term which will add 1000 jobs,” he said.

Majoro added that LNDC would finalise plans for integrated piggery, poultry, and aquaculture and beef operations as well as a grains initiative to roll out area planted to 4000 hectares in Butha-Buthe, Leribe, Berea and Maseru for both domestic and export markets.

“We learned that as Basotho we plant first and look for markets after harvesting. But we should find markets first so that we can know what to produce. There is going to be a Vegetable project in Masianokeng driven by markets,” he said.

Deputy Prime Minister Monyane Moleleki lauded Majoro for making a bold budget speech and that he did not struggle like last year when he first made it. He said Lesotho would one day come out of poverty like Ethiopia and Rwanda which are performing extremely in growing their respective economies.

“I believe that we would emulate Ethiopia and Rwanda by growing our economy and never rely on SACU. The roads that we are constructing are costing the government M6.9 billion for tourism and transportation of goods. We have never seen such growth,” said Moleleki.