Eswatini to host investment indaba
MBABANE - The Ministry of Commerce, Industry and Trade will be hosting an Investment Indaba, where the government seeks to identify mega business concepts from a wide range of sectors prioritised by government valued at not less than E1 billion.
This was hinted by the Prime Minister, Russell Mmiso Dlamini, when addressing the captain of industries during the Business to Government engagement held at Emafini Country Lodge yesterday.
Dlamini said business owners were invited to conceive these ambitious mega projects for presentation during the Indaba. He said government was prepared to work with the business community to secure funding using internationally accepted business partnership models to support the birth of all the conceived business concepts.
He said the intention was not only growing the economy, but transforming the Eswatini economy to a world class economy that benefits all the people of Eswatini.
Desired
Dlamini mentioned that the rate of growth that government desired was one that would achieve a double-digit economic growth and this was also pronounced by His Majesty King Mswati III during the Opening of the First Session of the 12th Parliament early this year.
He said to achieve this; the current administration would take the lead in working with business in Eswatini to grow the economy. “We would like to have input from the business community on how best this can be done,” he said.
Dlamini stated that his administration, however, has decided that government would be an active enabler; leading investment and growth through innovative partnership models and strategies.
He said as such, they would put the right policies in place, which did not only include growing local business, but would also be effective in the attraction of large Foreign Direct Investment (FDI).
The PM added that the Ministry of Commerce, Industry and Trade had been mandated to develop an ambitious investment policy.
“History has taught us that big companies that are high foreign earners such as CONCO, settled in the country because of the excellent reception by the government of the time combined with a favourable investor climate,” he said.
Intention
Dlamini mentioned that it was, therefore, the intention of this government to improve its reception of FDI, engagement with large investors and also improving substantially the ease of doing business in this country.
He added that in the same way, government would not ignore local companies that have been in the country for the longest time and have played a significant role in the economy and they had, therefore, have strong and relevant programmes to support local MSMEs grow and thrive.
Dlamini added that it was important to acknowledge that the economy and population was small, so its economic growth strategies should be appropriately designed. He said the government’s focus, therefore, should not be on producing or aiming for the local market only, but ultimately be export-driven.
“This will call for adhering to international quality standards. I urge companies to consider bracing themselves to target export markets,” he said.
The PM highlighted that Eswatini had signed many agreements, including with the African Continental Free Trade Area (AfCFTA), which gave the country access to a continental population of 1.2 billion.
Important
He said it was important that local companies take advantage of such major markets, particularly since the country now trade preferentially under the AfCFTA Guided Trade Initiative (GTI) as of January 31, 2024.
He further noted that Eswatini remained one of the most peaceful and stable country in the region and businesses must all take advantage of this fact.
“I urge the business community to be part of nation building and to promote buying local. If we build a country that has confidence in its own people and in locally made products, our companies will grow and produce high quality products that will easily be competitive in the local and international market and the nation will choose to support local products than low quality imported products,” said the PM.