US-Africa Business Summit: Prime Minister Matekane on the investment case for Lesotho

The U.S-Africa Business Summit, currently ongoing in Botswana, is set to create strategic business opportunities and enhance fair trade relationships between African countries and the United States. A notable attendee at the summit is Lesotho's Prime Minister, Samuel Matekane, who is leading a delegation from Lesotho to engage with potential investors and showcase the investment potential of the country. Prime Minister Matekane highlighted the untapped opportunities in Lesotho, emphasizing the benefits of investing in sectors such as textiles and renewable energy. He particularly mentioned the upcoming hydrogen water summit scheduled for October 12-13, as an event where global investors can witness Lesotho's advancements in energy innovation. Speaking with CNBC Africa's Godfrey Mutizwa, Prime Minister Matekane shared the government's commitment to supporting investors through tax incentives and partnership opportunities. He expressed readiness to collaborate with interested parties and explore avenues for investment in Lesotho. During the interview, Prime Minister Matekane confirmed meeting with American investors on the first day of the summit and expressed optimism about further engagements in the days ahead. A major point of discussion in the interview was the renewal of the Africa Growth and Opportunities Act (AGOA), a significant trade agreement for Lesotho, set to expire in 2025. Prime Minister Matekane revealed that discussions had taken place with the U.S. Congress regarding the extension of AGOA for another decade. He conveyed positive sentiments from the Congress and underscored the importance of AGOA for Lesotho's textile industry, which heavily relies on the trade agreement to export goods to the United States. Regarding AGOA renewal, the Prime Minister highlighted the unity among Southern African countries in supporting the extension of the trade pact. He emphasized the mutual benefits of AGOA for both African nations and the United States, stressing the symbiotic trade relationship that exists. In a direct message to American congressmen, Prime Minister Matekane emphasized the interdependence of trade between the U.S. and Africa, highlighting the need for continued support and collaboration. In addition to economic discussions, Prime Minister Matekane shed light on Lesotho's forthcoming hydrogen water summit, inviting global participants to the event in Maseru, the capital city of Lesotho, on October 12-13, 2023. With Lesotho being rich in water resources, the Prime Minister emphasized the significance of harnessing water technology for future advancements, particularly in the hydrogen sector. Looking ahead to the water summit, Prime Minister Matekane expressed ambitions for the project to serve as a pivotal initiative for Lesotho's economic and technological progress. He positioned the summit as a platform for international collaboration and innovation, aligning with the global shift towards sustainable solutions and technological advancements. Overall, Prime Minister Samuel Matekane's participation at the U.S-Africa Business Summit encapsulates Lesotho's eagerness to engage with international investors, showcase its investment potential, and strengthen economic partnerships with global stakeholders.