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STATEMENT ON FOREIGN-OWNED BUSINESSES FAKE

29/09/2020 01:07:00 BY ASHMOND NZIMA

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MBABANE – Government has come out to rubbish a misleading statement suggesting that all licences for foreign-owned businesses will not be renewed from this coming Thursday.

The statement was shared on social media platforms, including WhatsApp.

Minister of Commerce, Industry and Trade Manqoba Khumalo said it had come to his office’s attention that there were malicious and damaging reports circulating on social media purporting that government was introducing a new law against foreign-owned businesses in the kingdom.

Investments

The reports claimed that effective this coming Thursday (October 1, 2020), government would not renew licences for foreign direct investments (FDIs) and all businesses would be 100 per cent reserved for emaSwati. “No such law exists in the Kingdom of Eswatini, neither is there any move within Parliament or elsewhere to introduce such a piece of legislation. While it is true that certain businesses are reserved for emaSwati in terms of the Reservation of Certain Trades or Businesses for Swazi Citizens, Regulations, 2017, it is equally true that Eswatini encourages Foreign Direct Investments, hence our extensive investment drive across the globe. No new law has been passed since then to suggest otherwise,” stressed Minister Khumalo.

The Minister said government remained committed to creating an environment that is conducive for business growth in the Kingdom of Eswatini for both emaSwati-owned businesses and FDIs. “Government wishes to warn the perpetrators of such fake news to desist from doing such as this is not only detrimental to the kingdom’s economic turnaround efforts but has the potential to affect every liSwati in the long run.

“Lastly, we wish to once again reiterate government’s position that ‘Eswatini Is Open for Business,’ in line with our economic recovery strategy enshrined in the Strategic Roadmap 2019-2022 and the Post COVID-19 Economic Recovery Plan,” shared the minister.

The misleading statement further went on to claim that businesses’ registration certificates for agents, auctioneers, curio shop, import pre-owned motor dealerships, among others, shall be reserved for citizens or for companies wholly owned by citizens.