Monday, April 22, 2024
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Maseru

BEDCO, LIA join forces to support MSMEs

Business

Seabata Mahao

In a move to empower micro, small, and medium enterprises (MSMEs) with critical development skills, Basotho Enterprise Development Corporation (BEDCO) has signed a memorandum of understanding (MOU) with the Lesotho Institution of Accountants (LIA).

The partnership, which will see LIA availing its business development support skills to budding enterprises, was disclosed during a recent press briefing held at BEDCO’s headquarters in Maseru.

The skills that will be enjoyed by BEDCO’s MSME trainees will include financial management, accounting, and strategic planning, among others.

Tšepang Tlali, BEDCO’s acting Chief Executive Officer (CEO) said the partnership holds the promise of a transformative change in Lesotho’s business landscape.

“We recognise that MSMEs are the engine of our economy, and their growth and success are critical to the prosperity of our country. However, we are also aware of the challenges they face, challenges that often hinder their growth and sustainability,” Tlali said  

“This is where our partnership with LIA becomes truly transformative. The MOU we are signing today signifies our commitment to provide MSMEs with enhanced support, and it is not just support, it is support with expertise,” he added.

He highlighted that the agreement was not just a piece of paper, but a commitment to change, growth, and empowerment.

“I invite Basotho entrepreneurs to join us in this exciting journey and take advantage of this opportunity. Let us embrace this partnership with open hearts and open minds. Together, we will create an ecosystem where our MSMEs not only survive but thrive, where they become the cornerstone of a prosperous Lesotho.”

LIA’s CEO, Lethola Mokete, said they were spurred into partnering with BEDCO based on its encouraging work including business funding initiatives, trainings, and capacity-building initiatives with local businesses.

Mokete highlighted the importance of the MOU saying it will ensure accountability because the LIA members are fully capable and regulated, and therefore will further the mandate of BEDCO.

“We provide those business advisory services through three arms; our members who are registered with us which means when BEDCO wants to provide capacity building for entrepreneurs, they have a partner to provide advisory services to the MSMEs,” Mokete said.

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