The Minister of Trade and Industry, Mr Mokhethi Shelile says there is progress to implementing Section 34 of the Business Licensing and Registration Regulations, 2021.

He said this when making a statement in the National Assembly on Friday following a resolution of the House last month on implementation of the said Section.

He stated this law was already in operation since August 01, 2022 with exception for the mentioned Section.

To date, he explained the Ministry has registered progress by embarking on an inspection of foreign enterprises in the reserved list from June 10 to 28 in line with approved implementation plan, indicating inspection revealed Lesotho is dominated by foreign owned businesses.

“A total of 106 businesses were inspected and 80 belonged to foreigners”. He stressed.

Therefore, he alluded that without economic disruption, the intention is to start Section 34 implementation that is (pilot on an incremental basis) with effect from September 01.

He said benefits of implementation will ensure that around 800 suppliers sign

contracts with local Basotho agency companies.

Again, he said 80 percent of the 2.1 billion USD (M31, 9 billion) of imported goods will now be handled by Basotho.

He assured the House he will continue updating the House for the purposes of ensuring economic growth in the country.