Berea, Feb. 14 — Liberating Business for Lesotho (LBL) as the street vendors association in Teyateyaneng has encouraged people in the informal business sector to unite in order to fight unfair competition influenced by foreign business investors.
When addressing street vendors at Teyateyaneng bus stop on Friday, LBL Chairperson, Mosiuoa Nyatso said it has come to their attention that people in the informal business sector are losing their business to foreign business investors who compete with street vendors.
Mr. Nyatso said foreign investors are supposed to be selling their goods and services in supermarkets and large stores, but they are recently seen invading street vendor’s business by selling small items supposed to be left for street vendors.
He pointed out that it is so surprising that foreign owned businesses are selling even the grass brooms, a half cut cabbage and other items of which street vendors are doing, citing that they are losing clients to such foreign owned businesses.
Mr. Nyatso said the worst part, the country has a legal instruments which is meant to protect Basotho, to ensure promotion and development of local entrepreneurs namely the Business Licensing and Regulation Act 2020, whereby its section 34 clearly highlight the list of 47 reserved businesses for Basotho such as micro, small and medium enterprises, but the government seem to be turning a blind eye in protecting them.
