Maseru, Mar. 19 — The Ministry of Trade, Industry and Business Development held a validation workshop for its successor Industrial Policy in Maseru on Tuesday.
This initiative has been made possible by the technical.support that the ministry has received from the United Nations Economic Commission of Africa (UNECA).
In his remarks, the Principal Secretary of the Ministry Mr. Thabo Moleko said that the workshop recognises the pivotal role of industrial policy to deepen economic growth, promote industrialisation and enhance competitiveness.
He mentioned that industrial policy stands as the cornerstone of Lesotho’s economic vision that promotes and provides the framework for sustainable growth and development across the country.
Mr. Moleko however showed that Lesotho is at a critical juncture in its economic journey and the industrial policy comes in as the engine that will help the country to drive towards a prosperous future with sustainable economic development.
On the the hand, the Chief Inclusive Industrialisation Section for UNECA Ms. Olayinka Lawal Bandele said that the partnership between the ministry and UNECA underscores a shared commitment of fostering inclusive and sustainable economic growth.
She stated that by leveraging the expertise and resources of both entities, Lesotho’s aim of capitalising on emerging opportunities and addressing key challenges hindering its industrial development can be achieved.
While presenting the draft of the policy document, Dr. Mamello Nchake who is a consultant for this policy showed that the policy is aimed at accelerating the industrialisation agenda and address key challenges facing the country.
She added that the policy will also look at incentivising greater investment in industrial development with the intention to increase employment and incomes while also building on maintaining the existing industrial base.
The 2024-2028 Lesotho National Industry Policy is a successor of the 2015-2017 policy which will look into accelerating industry, fighting poverty, accelerating economic growth and improving the welfare of Basotho through the participation of the private sector towards sustainable developments.
Industrial sectors such as tourism and agriculture were mentioned to be important sectors that can be well developed towards successful industrial development across the country.
