Letsatsi Selikoe 

PRIME Minister Sam Matekane has called on African countries to prioritize structural transformation through rapid industrialization and diversification to free themselves from the shackles of poverty. 

The Prime Minister made the remarks at the Korea-Africa summit, which aimed to strengthen economic cooperation between South Korea and Africa. 

Lesotho was one of the 25 African countries which participated at this inaugural summit organised by the South Korean government on 4 and 5 June 2024. 

Korean President, Yoon Suk Yeol, announced that his government would commit USD$14 billion in export financing to support Korean companies investing in Africa while increasing its official development assistance (ODA) to USD$10 billion by 2030. 

The summit featured discussions on various topics, including trade, investment, and infrastructure development. 

Mr Matekane’s attendance at the summit demonstrated Lesotho’s commitment to diversifying its economy and attracting foreign investment. 

He emphasized that the African Union Agenda 2063 envisions a future where Africa is transformed into an industrial powerhouse, and that the Republic of Korea’s transformation should be an inspiration to Africa. 

Mr Matekane invited the Republic of Korea and Korean private sector companies to consider investments in Lesotho’s water harvesting, hydro power generation, solar power, and all forms of clean and renewable energy. 

He highlighted Lesotho’s rich endowment with hydro, solar, and wind energy resources, which makes it a potential major player in the Southern African Power Pool. 

The prime minister stressed that these resources were ready for development and collaboration with other friendly countries. 

The prime minister also emphasized the importance of sustainable cooperation in fully utilizing environmentally friendly sources of energy. 

He noted that Lesotho had made significant progress in developing its energy sector, but that more needed to be done to ensure sustainable growth and development. 

In addition to energy, Mr Matekane also emphasized the importance of shared security and stability in achieving economic growth. 

He noted that economic growth?was?impossible without?stability, and that shared growth and prosperity can only be achieved through shared security. 

“The Kingdom of Lesotho welcomes the Korea-Africa Summit’s vision for a future where Korea and Africa collaborate to promote sustainable development, solidarity, and shared prosperity. We view this summit as a valuable opportunity to forge a partnership built on mutual respect, shared values, and a commitment to addressing global challenges together.”