The Prime Minister, Dr Moeketsi Majoro says the government needs to invest more to scale up the competition so that more young people and women start their own companies and create jobs.
This, the Prime Minister said when congratulating 50 youth entrepreneurs who won the Basotho Enterprises Development Corporation (BEDCO) Business Plan Competition (BPC) at the dinner meeting held in Maseru on Monday.
He congratulated the 2022 BCP winners, saying he was pleased to be talking to young amazing entrepreneurs who have proven themselves by winning the entrepreneur’s proposal.
He said for them to succeed in their business, they must learn from their mistakes and must not fear failure but embrace it since they will learn more from failure than success.
He said youth entrepreneurs need mentorship from businesses that have already experienced the hardships they are yet to experience in this sector, saying there is no need to repeat the mistakes they already know hence should always aim to succeed in their business
Moreover, he urged them to consider the role that technology plays in the success of the business, noting that it has changed the marketing and business sector.
However, the Prime Minister noted that youth unemployment is a major crisis for Lesotho as for the past ten years, 50 000 graduates have been seeking jobs across the country, stressing that entrepreneurship is key to this unemployment crisis.
Also speaking, the Minister of Small Business, Co-Operatives and Marketing, Mr. Machesetsa Mofomobe said after the Prime Minister has tasked the ministers to oversee that business returns to Basotho, the government has assisted youth with funding to start their businesses.
Mr. Mofomobe also pointed out that if the laws and regulations governing business have not been amended, these young entrepreneurs will still face the challenges that their predecessors faced hence it is best for the government to amend laws in order for trade and commence to be easy in the country.
In conclusion, he urged all those who have been given this opportunity to make good use of it so to grow their businesses.
On behalf of the winners, Ms. Kamohelo Thabane thanked the government and the development partners for this gesture, noting that they are going to work hard to ensure that their businesses grow and create jobs for Basotho.
Ms. Thabane also thanked the government and its partners for the mentorship they will provide to help them deal with their businesses.
The BPC competition is meant to motivate young and innovative youth who have credible business ideas by giving them the financial support they need to build sustainable enterprises that can create employment.
The BPC is part of the broad African Development Bank (AfDB) supported Economic Diversification Support Project (EDSP) being championed by the government. The BPC is being implemented by BEDCO.
 
By Staff Reporter: Noliwe Velaphe