ESWATINI TO IMPLEMENT APPROPRIATE FDI POLICIES

MBABANE – Foreign Direct Investment (FDI) is important to the country as it can assist in improving the economy and standard of living.

An FDI is a purchase of an interest in a company by a company or an investor located outside its borders. His Majesty The King Mswati III participated in the first ever business seminar in the Republic of Singapore to explore and promote business opportunities between the two countries. The business seminar is aimed at the facilitation and enhancement of business exchange between the Republic of Singapore and the Kingdom of Eswatini for mutual benefits.

Organised

The seminar was organised by the Singapore Business Federation (SBF) Africa Business Group whose chairman is Ranveer Chauhan. SBF is founded on principles to promote better understanding of business concerns and government policies. The Minister of Commerce, Industry and Trade, Manqoba Khumalo had the opportunity to address questions from the SBF membership after the presentation by the chief executive officer (CEO) of the Eswatini Investment Promotion Authority (EIPA) ,outlining the advantages of doing business in Eswatini and also the available investment opportunities in the kingdom.

The presentation on ‘Investing in the Kingdom of Eswatini – Tolaram Journey’ was done by the Managing Director of Tolaram Africa Haresh Aswani who shared their journey and experience with investing in Eswatini as Kellogg’s Tolaram and gave a very compelling case to his fellow Singapore businesspeople to consider Eswatini as their manufacturing hub in the SADC Region. Some factors that the company considered was the strong government support to Foreign Direct Investment (FDI), access to preferential markets, stable and free business environment and generous incentives including duty free importation of capital equipment, among others.  

His Majesty in his remarks underscored the importance of FDI to the growth of a country’s economy. To attract FDI a country needs to have the appropriate policies and provide a conducive environment for businesses to trade without a hassle. His Majesty also noted that the visit to Singapore was part of the strategic engagement termed ‘Peer Learning Opportunity for the Kingdom of Eswatini’. The establishment of Kellogg’s Tolaram in the Kingdom of Eswatini reinforces the relationship between the two countries and can be attributed to the competitiveness in doing businesses to which has helped the country remain atop in Africa when it comes to the World Bank ranking.

Support

The Kingdom of Eswatini has also put in place fiscal and non-fiscal support measures, to ensure the cost of establishing businesses and initial operational costs are reduced drastically through a range of incentives. Already we have seen new companies that have great potential in various sections such as manufacturing and agro-processing, mining and energy, agriculture, information, communication and technology and tourism. Implementation of the African Continental Free Trade Agreement (AfCFTA) will bring numerous trade opportunities and our policies have been streamlined in anticipation of a renewed interest of multinational companies to invest in the Kingdom of Eswatini.

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