PARTS ASSEMBLING INDUSTRY IN PIPELINE

MBABANE - The ministry of Commerce, Industry and Trade has facilitated industrial opportunities in the establishment of assembling parts for various industrial and domestic equipment’s locally.

It has  also facilitated for Micro, Small and Medium Enterprises (MSMEs) development inclusivity in Bangladesh. This was mentioned by Minister of Commerce, Industry and trade Manqoba Khumalo in a statement yesterday. Khumalo was giving an update about his recent business trip to Bangladesh. The minister said he held bilateral investment meetings in Bangladesh and met the Bangladesh Investment Development Authority (BIDA), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Bangladesh Association of Pharmaceutical Industries.

Discussions

He said during the meeting with BIDA, discussions were centred on forging relationships between Eswatini Investment Promotion Authority (EIPA) and BIDA. In an interview with this publication, the minister said the purpose of the engagement was to forge export-import trade relationships with Bangladesh to allow the purchase and sell of commodities needed by the two countries. “The meeting with BIDA, discussions were centered on forging relationships between Eswatini Investment Promotion Authority (EIPA) and BIDA through the signing of a Memorandum of Understanding (MoU) capturing mutual areas of interest across various sectors,” he said.

Khumalo alluded that the need for Micro, Small and Medium Enterprises (MSMEs) development inclusivity and the role it plays in employment creation was highlighted as key to economic growth. He said they further underscored the importance of an export-oriented economy to benefit from the wider preferential markets provided by regional and international trade agreements.

Membership

Khumalo attested to have also met with the FBCCI, where he said it was highlighted that Eswatini’s membership was dominated by MSMEs and that they provided business development support services, including capacity building, product development and product standards and export promotion.
He said what was also noted was the fact that the private sector was the engine for economic development and growth in Eswatini. “The Federation pledged support in the training of MSMEs from Eswatini on Global Digital Trade and in the creating of a virtual trade platform for Eswatini MSMEs. Areas of mutual interest discussed were contract farming under agriculture, IT and Digital Trade, and also tourism. Other industrial opportunities are the establishment of assembling parts for various industrial and domestic equipments,” he said. The minister also mentioned that discussions with Bangladesh Association of Pharmaceutical Industries focused on the provision of pharmaceutical products to the Kingdom of Eswatini and prospects of establishing a manufacturing facility to supply the regional through the different trade agreements.

The leading investment mission delegation comprising of Cebile Nhlabatsi  ,the Under Secretary in Ministry of Commerce, Industry and Trade, Mluleki Dlamini the Director Micro, Small and Medium Enterprises (MSMEs), Ministry of Commerce, Industry and Trade and Dr. Khanyisile Dlamini – Senior Executive Manager  Esawtini Investment promotion Authority (EIPA). He also mentioned that the aim of the meetings was to discuss areas of mutual interest in entrepreneurship development, investment opportunities in agriculture and pharmaceuticals investment.
He said they paid a courtesy call to the Foreign Secretary (Senior Secretary), Ambassador Masud Bin Momen at his office. The Eswatini side reiterated keen interest in establishing cooperation with Bangladesh in trade and commerce, contract farming and education sectors.

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