BE’s 5 focus areas for economic growth
MBABANE – “We are poised and ready to support the target GDP growth rate of 4.9 per cent set forth by His Majesty and we believe that through collaborative efforts and strategic initiatives, we can turn this vision into reality.”
This was the commitment made by the Business Eswatini (BE) through its Vice President: Trade and Commerce Muzi Siyaya during the Business to Government (B2G) engagement held at Emafini Country Lodge yesterday morning.
The B2G engagement is a forum of its kind paving way for a regular dialogue between business leaders and government officials to address matters affecting the business community.
Respond
Siyaya stated that, inspired by the words of His Majesty King Mswati III during his Speech from the Throne in February 2024, as BE they continued to respond to the call to contribute to the national vision of economic prosperity.
He said they believed that through collaborative efforts and strategic initiatives, they could turn this vision into reality.
He said their focus was steadfast on key areas that were pivotal for economic transformation.
The first focus area is improving trade facilitation: Siyaya said they were dedicated to streamlining processes, reducing barriers, and creating a seamless trade environment that will not only boost the country’s trade volumes but also attract foreign investment.
He stated that the secretariat, led by the chief executive officer (CEO) has increased its efforts and participation in the National Trade Facilitation Committee and they were proud to see results. Siyaya mentioned that they were imminently expecting to sign a bilateral joint action plan with the South Africa Revenue Service (SARS) and Border Management Authority (BMA), and launch the 2024 Time Release Study.
“All these efforts are geared towards simplifying trade for our members and achieve the government’s strategic objective on being an export-oriented, private sector-driven economy,” he said.
Another focus is on investment in renewable energy.
In alignment with their commitments at COP 28, the business community is investing in renewable energy projects. Siyaya stated that this not only addresses their environmental responsibilities but also ensures long-term energy security and job creation.
Siyaya said the private sector in Eswatini had shown a commitment to investing in renewable energy, aligning with the country’s aspirations to increase the share of renewables in its energy mix.
He highlighted that the Eswatini Energy Masterplan 2050 outlines objectives to meet forecasted energy demand with the least cost and to harness opportunities from locally available renewable resources BE also focuses on enabling ICT infrastructure and policy environment: The BE vice president stated that by fostering a robust ICT infrastructure and a conducive policy environment, they aimed to unlock the potential of digital transformation and innovation, paving
the way for a future-ready economy.
He said by digitisation of government, which was an initiative that was already underway, it would mean that all industry players would have to be appropriately positioned to provide the necessary enabling infrastructure.
Possible
He said again, this would entail effecting some amendments to the existing legislation if this is to be made possible.
Siyaya said the country already had an installed IP Exchange (IPX) interconnection which should allow for the easier flow of traffic from all competing industry players; but said IPX has not been paired with industry players and lies idle for unbeknownst reasons.
“There is a pressing need to address this matter as its successful resolution will immediately spawn off new direct investments into the country,” he said.