KING TALKS ABOUT US E840BN INVESTMENT DEAL

LUDZIDZINI – His Majesty the King hopes the two major initiatives to boost US trade and investment in Africa will indeed benefit the continent.

Speaking to journalists last night at Ludzidzini Royal Residence, the King said the US introduced two major initiatives because the African Growth and Opportunity Act (AGOA) duty-free trade facility would expire in 2025.

He was, however, hopeful America would renew it so that Africa, including Eswatini continued to benefit from AGOA beyond 2025.
Ingwenyama reported back to the nation, after his two-week State assignments in Geneva and Mozambique, that the US-Africa Summit went well. He noted though that it was imperative for Eswatini to explore other markets, and not rely on a few currently available.

He said the spirit in which matters were discussed was good. 
“America wants to see how it can contribute to Africa,” said the King.
The USA-Africa Summit was hosted by the Corporate Council of Africa, which is based in America.
“America doesn’t want to leave Africa behind,” said the King.

The Head of State mentioned that trade between US and Africa was possible because the latter has abundant natural resources that could be explored for the benefit of both trade partners.

The King was hopeful the agreement by USA and Mozambique to partner in manufacturing electricity could help Eswatini as well.
He also reported on his trip to Geneva where he attended the centenary celebration of the International Labour Organisation (ILO). Ingwenyama was happy to learn that while ILO was an agency of the United Nations (UN), it was older than the UN.

He said he got more information on ILO, and also visited various UN agencies such as the World Trade Organisation (WTO). For the country to attain the First world status (Vision 2022), the King said it was important for employees, employers and government to work together for a common cause.

His Majesty returned home at about 6pm. He was accompanied by Inkhosikati LaNgangaza. Those who welcomed Ingwenyama at King Mswati III International Airport included the royal family, Prime Minister Ambrose Mandvulo Dlamini, Deputy Prime Minister Themba Masuku and Chairman of Liqoqo Paul Dlamini. Others were cabinet ministers and Senate President Pastor Lindiwe Dlamini. 

Meanwhile, the two investments introduced by America include a E840 billion (U$60 billion) International Development Finance Corporation (DFC), which will more than double the amount of money available for US investment in low- and middle-income countries than was previously available through the Overseas Private Investment Corporation (Opic) and the Development Credit Authority (DCA). 

Many of the countries supported by this new agency will be in Africa.
The other is Prosper Africa, an inter-agency initiative which aims to help double US trade and investment with Africa in five years, mainly by mitigating risk and improving the environment for private sector business. It will help African governments create more predictable business regulations and strengthen institutions.

The initial budget request for Prosper Africa is expected to be at least US$50-million (E700 million) for the financial years 2020 to 2022; not much but it could be larger. It will also work through the US DFC’s much larger budget. 

US officials say the emphasis will be on helping the private sector to grow business with Africa and also the US Chamber of Commerce and its branches throughout the continent will play a vital role.
The Maputo summit was also creating opportunities for US and African business leaders to meet and make deals.

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