Lesotho and China’s business leaders met today in an exchange of investment opportunities available at a 4th Business and Human Resource Development Cooperation conference.
At this meeting hosted by the Chinese Embassy, both countries’ companies including parastatals and private entities, deliberated on their varying operations and opportunities that attract business development.
Lesotho National Development Corporation’s (LNDC) Foreign Investment Manager, Marina Bizabani, revealed a list of investment opportunities such as in agriculture, textile and garments, automotive components, construction, mining as well as development of infrastructure for information, communication and technology services.
She said bulk of Lesotho’s made products are exported to the Southern African Customs Union member states of South Africa, Swaziland, Botswana and Namibia totaling a 55 million customers in the region.
Lesotho largest exports of textile and garments goes to the US markets generating over UD360 million followed by the European Union and other parts of the world.
“The corporation assists both local and foreign investors in registration of their companies, procurement of permits and licenses and provision of industrial and commercial buildings,” she revealed, adding Lesotho government was committed to ensuring the country becomes a destiny of investment.
Chaba Mokuku of the Private Sector Competitiveness and Economic Diversification Project observed a need for accessing finance to boost investment, noting that a new insolvency law was in the offing for Lesotho while Steve Tola of National African Federated Chamber of Commerce and Industry (NAFCOC) revealed that a cooperative bank for Lesotho would be established in the next eight months.
A number of Chinese-origin companies including those engaged in construction, water systems, communications, engineering, quarrying and health sectors deliberated on their fields of interest.
Lesotho’s trade minister Skhulumi Ntsoaole and Chinese Ambassador to Lesotho Hu Dingxian praised the investment initiative.