EDITED

LNDC to boost local businesses

… corporation also reveals ISUZU dealership launch in Maseru

Moroke Sekoboto

THE Lesotho National Development Corporation (LNDC) says it will spend the next years focusing on facilitating and investing in businesses and value-chains to create jobs.

The investment approach, explained interim chief executive officer, Advocate Molise Ramaili, would seek to boost domestic investment by facilitating access to finance, attracting the required Foreign Direct Investment (FDI) and providing trade-enhancing services for improved market-penetration.

Speaking during a press conference in Maseru on Tuesday this week, Mr Ramaili said the LNDC had developed a 2023/24-2027/28 strategic plan with the aim of making a positive and sustainable impact in Lesotho’s economy, community and environment for the creation of intergenerational value.

“This launch is precipitated by LNDC’s appreciation for the importance of collaborating and partnering with various stakeholders towards the achievement of its purpose,” Adv Ramaili told reporters.

“As such, the launch seeks to present the new strategic plan to LNDC’s key stakeholders who contributed immensely to its

development through stakeholder-consultations, and ensure that it is fully appreciated for its successful execution.”

He further said the strategic plan was centred on six pillars namely institutional legitimacy; sustainable development; information hub for large-scale industry and business intelligence; improved organisational and people delivery; sustainable infrastructure and technology; and financial strategy for organisational and industry sustainability.

“To achieve its purpose, the corporation will focus on facilitating or investing in business and value-chains that will create employment,” Adv Ramaili said.

The corporation’s focus, he highlighted, would be on the growth of a selected number of high-value-adding industries based on the comparative advantage of the country.

“Other opportunities will include the incorporation of green programmes, property development, and promotion of sectors that support the achievement of sustainable development goals”.

On her part, the LNDC Manager: General Investment Promotion, Puseletso Makhakhe, said the goal was to market Lesotho

as a preferred investment destination by promoting its image and ensuring that companies come to the Kingdom.

Ms Makhakhe also noted the corporation seeks to promote FDI, domestic investment, trade promotion, investment climate reform, advocate for a conducive environment and collaboration and partnership with key stakeholders.

“Collaboration with other agencies will be core to the development approach to leverage strengths and resources that partner agencies are also deploying toward Lesotho’s economic development,” Ms Makhakhe said.

“In particular, the corporation will build collaborative relations with leading investment promotion agencies and development finance institutions, investment climate stakeholders and academia for integrated planning in service-delivery, innovation and knowledge-creation and transfer.”

The LNDC had planned to expand its projects for job-creation by incubating Basotho to be business-owners, Ms Makhakhe also noted.

“We must train domestic investors, make access to finance and diversify the revenue streams,” she said.

Meanwhile, the LNDC also revealed the ISUZU motor dealership is set to start operating in Lesotho soon, with the sod-turning slated for next week in Ha Thetsane in Maseru.

“The LNDC in partnership with ISUZU Motors South Africa and Zakhura Motor Group (ZMG), will host a sod-turning on 2 August 2023, in preparation for the establishment of an ISUZU dealership in Lesotho,” the LNDC said in a statement issued at the press conference.

The LNDC in June last year invited companies to submit proposals to operate the ISUZU commercial vehicle dealership. Mafeteng-based ZMG was subsequently selected as the preferred bidder.

“The LNDC is mandated by an act of parliament to initiate, facilitate and promote the development of manufacturing and processing industries, mining and commerce, in a manner calculated to raise the level of income and employment in Lesotho.

“In fulfilling this mandate, the Corporation is constantly seeking to facilitate investments in different industries within all sectors as part of its diversification strategy. Establishment of the dealership advances this mandate directly by plugging Basotho into business opportunities and consequently creating employment and access to goods. The dealership will also contribute to improvement of the aesthetics of the Thetsane industrial area,” noted the statement.

According to the media release, the president of ISUZU Motors South Africa, Billy E Tom also said the new dealership was his company’s indication of its commitment to invest in Africa.

“The sod-turning of the ISUZU dealership in Lesotho is testament to ISUZU’s commitment to grow the business throughout Africa, while building strong sustainable relationships. As a local manufacturer, we pride ourselves in assembling vehicles for Africa by Africans to benefit the development of our economy and that of our neighbouring countries,” said Mr Tom.