Lesotho’s strategic location and unique offerings are positioning the country as an attractive investment destination, especially for businesses looking to access not only the U.S. market but also the broader African continent. Molise Ramaili, the Interim Chief Executive Officer at the Lesotho National Development Corporation (LNDC), highlighted the country’s focus on diversifying its economy and expanding its export base beyond textiles and garments.
Ramaili emphasized the importance of the Africa Growth Opportunity Act (AGOA) in facilitating market access for African countries to the U.S. Lesotho, known for its pristine environment and high-quality resources, is leveraging its agricultural sector to produce organic products for export. With clean water and air, Lesotho presents lucrative opportunities in agriculture, making it an ideal destination for investors seeking to capitalize on the global demand for organic produce.
In addition to agriculture, Lesotho is also tapping into its tourism sector by promoting its picturesque landscapes and natural beauty. Often referred to as the ‘Switzerland of Africa,’ Lesotho offers a unique mountainous terrain that attracts tourists seeking adventure and tranquility. To further enhance its global visibility, LNDC is spearheading a nation-branding campaign to showcase Lesotho as a premier travel destination.
LNDC’s investment proposition includes providing investors with serviced land and factory shells, as well as offering favorable tax rates for manufacturing activities. The corporation aims to streamline the investment process by offering dedicated aftercare services to assist companies in establishing their presence in the country.
Moreover, Lesotho’s participation in regional trade agreements, such as the Africa Continental Free Trade Area and its proximity to South Africa, grants investors access to a significant consumer market. With a population of over 1.4 billion in Africa and 60 million in South Africa alone, companies operating in Lesotho can tap into a vast market potential beyond the country’s borders.
Ramaili also highlighted the emerging cannabis industry in Lesotho, noting that the country is leading the way in Africa with a robust legislative framework for cannabis cultivation and export. With one of the companies already GMP certified, Lesotho is well-positioned to capitalize on the growing demand for cannabis products in the U.S. market under AGOA.
Looking ahead, Lesotho is exploring opportunities in other sectors such as water processing, diamond beneficiation, and value-added services to maximize the economic benefits of its natural resources. By focusing on in-country processing and value addition, Lesotho aims to boost its export potential and attract a diverse range of investors interested in sustainable and high-value industries.
In conclusion, Lesotho’s value proposition lies in its strategic location, favorable investment climate, and commitment to diversifying its economy while harnessing its natural resources for sustainable growth. As the country continues to position itself as a gateway to Africa’s markets and emerging industries, investors are presented with a prime opportunity to capitalize on Lesotho’s untapped potential.
Source link : https://www.cnbcafrica.com/media/6331074419112/
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Publish date : 2023-07-12 07:00:00
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