LOW COMESA TRADE

 

EZULWINI – Trade within the Common Market for East and Southern Africa (COMESA) remains low.

This is despite millions of Emalangeni being channeled towards supporting countries within the region.
Minister of Commerce, Industry and Trade Manqoba Khumalo said according to 2017 statistics, trade within COMESA was at a low 7.3 per cent in terms of exports and an even lower 0.3 per cent of total imports.

He was speaking during the signing ceremony of the E9 million Manzini Trade Hub held at the Royal Villas last Friday.
The event was attended by COMESA Secretary General Chileshe Kapwepwe, Minister of Finance Neal Rijkenberg and European Union Head of Cooperation Ariane Labat, among others.

“This is a clear indication of the need to increase not just Eswatini trade but the entire COMESA intra-regional trade,” Khumalo said.

pumped

Through its COMESA Adjustment Facility (CAF), COMESA has pumped in over E48 million (about 3 million Euros) to Eswatini over the past six years.
About 1 million Euros of that money went towards improving customs data management systems through upgrading from the ASYCUDA ++ project to ASYCUDA World. A further 890 000 Euros went towards the Regional Integration Implementation Support Project (RIISP); which has put in place foundations for improved private sector participation at the domestic, regional and global level.

“This included the development of sector specific strategies in handicrafts, processed food stuffs and leather sectors for Micro, Small and Medium Enterprises, which allows for better coordination of the private sector support,” said COMESA Secretary General Kapwepwe.

strategy

Kapwepwe said these strategies were aligned to COMESA’s industrialisation strategy, which was important for establishing stronger regional value chains that were competitive at all levels. 

The Manzini Trade Hub project, also known as ‘InhlanganiselayaboMake’ has benefitted about 1.1 million Euros (around E16.5 million).
Friday’s event was aimed at signing the financial agreement between COMESA, the European Union and the government of Eswatini through the Ministry of Finance and the Ministry of Commerce, Industry and Trade.

Meanwhile, Minister of Finance Neal Rijkenberg observed that in terms of regional integration and supply of goods in Africa, the trade percentage with other continents was very high – at about 50 per cent.

“Africa is the worst in this category, and you find that African trade is very low in imports and exports and somehow working outside our shores instead of within Africa.  I’d like to thank COMESA for what they are trying to do and to try and make us work with each other as African countries to improve trade,” Rijkenberg said.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: