Imports over E28 billion in 2022

MBABANE - The average imports to Eswatini amount to over E28 billion in the current financial year with sugar imports at the helm.

Machinery and equipment imports amount to over E . billion as they maNe up 8. per cent of the overall imports this year.

$ noticeable increase was observed in food and live animals as their import amounted to over E . billion.

Worth noting e[ports amounted to E billion in the current financial year.

The aforementioned was shared by the Eswatini ,nvestment 3romotion $uthority E,3$ Sibusiso Mnisi who is the Manag er E[ternal Trade 3romotion.

Mnisi was speaNing during the trade finance and incentives seminar at the +appy 9alley +otel.

The manager said per cent of imports were from South $frica and per cent from the rest to the world. Worth noting imports from South $frica equated to almost per cent in previous years.

Imported

Mnisi mentioned that chemicals were one of the products that were imported more in the current financial year.

9egetable oil and fat products’ imports amounted to E 68 million followed by electrical appliances with E 8 million.

The manager added that their aspiration was for all staNeholders to be able to appre ciate the role of trade in driving economic growth the opportunities through )T$s improved trade facilitation trade develop ment initiatives by E,3$.

+e said import companies enter in huge contracts or receive huge order in large quantities requiring huge worNing capital.

Mnisi mentioned that access to finances was imperative to e[porters and they facil itate access to credit services such as direct loans to businesses to provide worNing capital to procure and produce goods and services required to meet orders.

³We also facilitate access to innovative insurances to cover risNs commercial payment transport fore[ and political risNs and access to credit guarantees that also play a big role as they are e[tended financiers to guard against the risN of non payment ´ he said.

The government has various financial schemes to assist micro small and medium enterprises MSMEs especially those owned by the youth in attaining capital funding for their businesses.

Schemes

They said these schemes have enough funds to finance capital projects for the youth but they receive fewer applications not properly structured.

The poorly structured applications are rejected as per the norm of the application process thus contributing to the funds remaining stagnant.

These financial institutions have attested to have rejected about 68 per cent of ap plications because they do not meet the criteria needed to be awarded the funds.

One of the Ney issues highlighted col lectively is unclear details of the form of business requesting funding and manage ment structure.

The schemes said the business plans they received are almost similar in details per constituency which prove lacN of attention to details thus affecting funder’s confidence. This was mentioned during the sharpening entrepreneurship sNills among the youth worNshop last weeN at the Ministry of Commerce ,ndustry and Trade. SEDCO’s CEO .hethiwe Mh langa encouraged MSMEs to apply the Nnowledge and sNills they have acquired from the training so that their businesses can grow and be sustainable.

³The Nnowledge you have gained in this training is an investment to your businesses because the sNills you have acquired will help you to correct some of the mistaNes that you have made which will maNe your businesses more sustain able´ she said. Mhlanga also encouraged the participants to reach out to SEDCO at any point in their entrepreneurial journey because SEDCO offers an array of ser vices and products for SMEs. ³When you start to feel liNe your business is in trouble and you need some business advice please visit SEDCO. We have qualified business coaches and counsellors that will help guide you and point you in the right direction´ she said. SEDCO also supports entrepreneurs with registering companies attaining trading licences developing viable business plans and applying for funding business incubation marNeting and recently developing website and company emails.