The Basotho Enterprises Development Corporation (BEDCO) officially launched the business plan competition in Maseru yesterday, which is part of a three-fold program aimed at promoting enterprise development.

During the occasion BEDCO Interim Chief Executive Officer Mr Pesha Shale, said Lesotho faces a difficult struggle with a high rate of poverty, with more than half of a population living below the poverty line, as well as high youth unemployment rate.

He said the background for this is that the economy of Lesotho is basically driven by the government while it was supposed to be driven by the private sector, like it is in many other developed and developing countries.

Mr Shale said to change this, they decided to grow the private sector by improving small, medium and micro business enterprises, as this sector employs most of the population.

He said the competition is targeting mostly youth and women up to the age of forty, and will identify potential businesses they are going to incubate.

He invited all entrusted and illegible enterprises to submit their applications, to get the opportunity of entrepreneurial development and business growth training.

Shale stated that the competition is targeting high potential businesses established by Basotho youth and women, as well as enterprises in the priority areas of manufacturing, agriculture, tourism and renewable energy.

BEDCO board chairman, who is also the principal secretary in the Ministry of Small Businesses, Marketing and Coorperatives Mr Lerata Pekane, said the competition is supported by African Development Bank, and will be open from the 12th November to the 8th December 2019.