The Lesotho National Development Corporation (LNDC) on Tuesday unveiled the official launch of its 2023/24 – 2027/28 strategic plan in August 02 in Maseru.
Addressing the media, LNDC Chief Executive Officer (CEO), Mr. Molise Ramaili said the new strategic plan is aimed to make a positive and sustainable impact in Lesotho’s economy, community and environment for the creation of intergenerational value.
He said the launch is precipitated by LNDC’s appreciation for the importance of collaborating and partnering with various stakeholders towards the achievement of its purpose, saying as such, the launch also seeks to present the new strategic plan to LNDC’s key stakeholders who also contributed immensely to its development through stakeholder consultations and to ensure that it is fully appreciated for its execution.
He said there are six goals driving the activities of this strategic plan and they include: institutional legitimacy; sustainable development; information hub for large-scale industry and business intelligence; improved organizational and people delivery; sustainable infrastructure and technology and financial strategy for organizational and industry sustainability.
He noted that to achieve its purpose, the corporation will focus on facilitating or investing in businesses and value chains that will create employment, saying the investment approach will seek to boost domestic investment by facilitating access to finance, attracting required foreign direct investment and providing trade enhancing services for improved market penetration.
Moreover, the CEO noted that for years, Lesotho skills transfer has been only from a labour perspective thus failing to create people owning businesses, especially in the textile and garments sector, saying they want to elevate that as plans are in the pipeline to incubate Basotho to be owners of textile and garments companies.
He added that so far there are only four local companies in textile and garments, saying they are going to collaborate with the said companies so that they train locals so that they are able to own companies and they know how to make orders.
He stressed that it is high time they seek market locally or regionally and not only rely on AGOA.
Commenting on agriculture investments, LNDC General Manager Development Finance, Ms. Marina Bizabani said they are not going to take public land but rather let the land remain in public possession, saying to achieve this, they are going to use the fund to help communities where investment projects are going to consolidate their pieces of land and value them and buy shares in the project so that they get dividends. She said this is what they call generational wealth.
She added that through the funding they are going to support everyone in business despite their educational qualifications, saying they will not only facilitate financing but also train them to have sustainable businesses and be able to pay back the fund.
Also speaking, LNDC General Manager Investment and Trade Promotion, Ms. Puseletso Makhakhe said the performance of industries has declined which she said is a global crisis, noting that Lesotho is far from the markets as recent buyers prefer near-shoring.
Ms. Makhakhe therefore, noted that to address this, they aim at incorporating projects that promote greenness and hydroponics farming, saying though these projects may not create many jobs like textile, there will be job creation and at the same time food production.
She added that as part of diversifying from textile, they will promote the whole agriculture value chain.
Meanwhile on August 02, LNDC will again in partnership with ISUZU Motors South Africa and Zakhura Motor Group (ZMG) host a sod turning in preparation for the establishment of an ISUZU dealership in Lesotho. This event follows a process facilitated by LNDC in June 2022 to call for expression of interest to invest in, manage and operate an ISUZU commercial vehicle dealership.
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.
Source: LENA 25/ 07/2023
