The Southern African Customs Union (SACU) Council of Ministers has endorsed a proposal to establish a SACU Development Fund aimed at supporting economic growth and infrastructure development in member states.
Minister of Finance and Development Planning Dr. Retšelisitsoe Matlanyane said the decision was reached after the Council reviewed technical reports presented by the SACU Secretariat and senior officials during a series of meetings.
Dr. Matlanyane said the proposed fund is expected to finance development projects in each member state while promoting regional prosperity and economic integration.
She also said the Council endorsed new strategies to improve trade among member states through internal mechanisms.
Dr. Matlanyane said the measures are intended to strengthen businesses within the region and improve SACU’s competitiveness in international markets.
Speaking after the Council’s retreat, Dr. Matlanyane said delegates agreed on several reforms aimed at improving the Union’s operations.
She said although SACU is one of the oldest customs unions in the world, member states are now pursuing new strategic approaches that will transform it into one of the strongest and most sustainable regional economic blocs.
According to Dr. Matlanyane, SACU was established under different economic conditions and is now being restructured to respond to historical, current and emerging challenges while preserving its founding vision.
Source: Lesotho News Agency [LENA]
