Ramaili: Lesotho forging relationships to access U.S private sector

Lesotho, a small landlocked country surrounded by South Africa, has been actively positioning itself as an attractive destination for investment, particularly for businesses looking to access not only the U.S. market but the broader African continent. Molise Ramaili, the Interim Chief Executive Officer at the Lesotho National Development Corporation (LNDC), recently spoke with CNBC Africa's Fifi Peters at the U.S.-Africa Business Summit in Dallas, Texas. Ramaili highlighted the importance of forging relationships with key U.S. agencies and private sector players to facilitate access to investment opportunities in Lesotho. Ramaili emphasized that Lesotho is committed to a private-sector-led, export-driven economy, a vision endorsed by the government, including the Right Honourable Prime Minister. The focus is on attracting foreign direct investors to partner with local businesses, creating job opportunities and fostering skills transfer within the country. The goal is to empower the local workforce while leveraging the expertise and resources of international companies. The reception from private sector individuals regarding Lesotho's partnership model has been positive, with a willingness to engage in collaborative ventures that benefit both local and foreign stakeholders. U.S.-based agencies like the U.S. Trade and Development Agency (USTDA) have shown interest in supporting project preparations in Lesotho, ensuring that feasibility studies are conducted to establish clear business cases for investors. While Lesotho has historically been renowned for its textile and garment industry, Ramaili stressed the importance of diversifying the country's economy to include sectors like agriculture, renewable energy, and hydropower. Lesotho's abundant water resources, coupled with ample sunlight for solar energy production, present promising opportunities for investors looking to expand their portfolios in the country. One standout sector on Lesotho's investment agenda is cannabis, which has gained significant traction in recent years. The country boasts a robust regulatory framework for cannabis cultivation and export, positioning it as a key player in the global market. With two major companies in the cannabis space experiencing rapid growth, Lesotho is actively exploring partnerships with U.S.-based enterprises to facilitate exports to markets like the EU and the U.S. Technical assistance and compliance with international standards are key focus areas to ensure seamless market access. Overall, Lesotho's strategic location, business-friendly environment, and commitment to sustainable partnerships are driving its appeal as a prime investment destination for U.S. private sector players. By fostering collaboration, promoting economic diversification, and harnessing key industries like cannabis and renewable energy, Lesotho aims to unlock new opportunities for growth and development, both locally and globally.