Chapter four: Economic governance and management 366. The response of the government to the decline in the US demand for textiles has been guided by the need to restructure the textile industry by creating institutional and financial facilities to support export-import business for existing and new foreign and local firms. These firms are encouraged to invest in modernising and upgrading their facilities to take advantage of new global opportunities when the global economy recovers. They are also encouraged to explore new products and markets, including exports to SACU, the Southern African Development Community (SADC), the European Union (EU) and the USA. The new Phillips plant for producing energy-saving bulbs is an example of diversifying export products and markets. 367. Noting that the country has been exporting textiles for 20 years without any institution to maximise the benefits from this trade, the government has decided to invest in some of the companies in the sector, establish export-import facilities to be administered by the CBL and ensure that Lesotho’s commercial banks can issue pre- and postshipping letters of credit. The government will also set aside M600 million over two years to support specific investments related to providing water, roads, factory shells and communications for new firms. An example of this is Phillips, which needs water and access roads for its new plant. The government will also reinvigorate its partnership with South Africa in order to develop specific and joint ventures across the common border. Recommendations 368. The APR Panel recommends that Lesotho: • Promote the compilation and publication of comprehensive, consistent, accurate and timely statistics that conform to the UN System of National Accounts, since Lesotho’s statistics are generally incomplete and do not conform to widely accepted UN standards. (BOS, CBL, MoFDP) • Endeavour to implement the key programmes in its growth strategy which are capable of giving momentum to the growth process, in particular those relating to the development of the private sector. In this regard, the government should intensify efforts to improve PPPs in the development of the economy. (MoFDP) • Vigorously pursue measures designed to diversify the production base of the economy. In addition to increased public sector investment, government should develop a business development plan to promote private investment. The plan should provide for the development of entrepreneurship and technical skills, improve access to credit and markets and encourage value chain development. (Key economic ministries) 4.2 Standards and codes 104 i. Summary of the CSAR 369. The CSAR only lists the relevant standards and codes set out below, as contained in the African Peer Review Mechanism (APRM) questionnaire, and does not discuss or review the extent of signature, ratification and overall domestication.