business

July 25, 2019

2 min read

Phase III of Tikoe Industrial Estate launched

Phase III of Tikoe Industrial Estate launched

Prime Minister Thomas Thabane on Friday led the sod turning ceremony of the construction of  Phase III of the M440 million Tikoe Industrial Estate.

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MASERU – Prime Minister Thomas Thabane on Friday led the sod turning ceremony of the construction of  Phase III of the M440 million Tikoe Industrial Estate.

The project is funded by the Ministry of Trade and Industry through the Lesotho National Development Corporation (LNDC). The LNDC is mandated to initiate, promote and facilitate the development of manufacturing and processing industries, mining and commerce in a manner calculated to raise the level of income and employment in Lesotho. In his key note address, Dr Thabane said the last phase of the Tikoe Industrial Estate, which was being constructed by Sigma Construction was projected to employ 300 Basotho until its completion. He said a further 2 750 were envisaged to get employment as soon as the factories became operational. He said currently, the factories at the Tikoe Industrial Area had a staff complement of 5 644, adding that estimations showed that at the end of the completion of the Phase III of the project, a total of 8 400 Basotho would be employed.

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Dr Thabane pledged that government would focus on the development of the private sector. One of the conditions, he said, was to ensure that around M150 million of the budget allocated for the project had been set aside for subcontractors for the development of the local private sector. He showed that other developments attached to the project included roads, water and electricity development. He also described the construction of seven other factories as one major benefit.

“The development is further expected to bring improvement in the public transport sector, cleaning companies, residential rentals and security companies,” he said. He called on investors to give the local business community a chance to contribute to the development of the place such that all Basotho had a piece of the cake. “This can be achieved if resources are procured in Lesotho hence the LNDC would go a long way in developing small businesses and ensure steady business operations.”

Dr Thabane commended the LNDC for fulfilling its mandate to implement policies for economic development countrywide. For his part, the Minister of Trade and Industry, Habofanoe Lehana said the initiative would make it possible to attract more investment. Mr Lehana said the LNDC was currently working towards finishing the Ha Belo industrial project, which he said would upon its completion see the employment of 14 500 Basotho and 20 000 others after its extension.

He said the corporation was on the verge of completing a special economic zone that would house several factories and businesses. Also present at the event was the Member of Parliament (MP) for Qeme Constituency, Nkaku Kabi who expressed his gratitude for the developments directed at his constituency. Mr Kabi therefore appealed for the Qeme community to be given the first preference when employees were hired for the project.

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