GOVT TROUBLED BY ‘FISH AND CHIPS’ INVESTORS

LOBAMBA – Government is still troubled by the issue of foreign ‘fish and chips’ investors as they are not what it had targeted initially.

From the beginning, government’s intention was to bring in foreign investors in the country who would create an array of job opportunities for citizens in big industries. Government would also derive revenues from taxation, it was intended.

However, to some extent the contrary has happened, as some investors have only ventured into businesses which Swazis are also active in.  Minister of Commerce, Industry and Trade Gideon Dlamini, in Parliament yesterday, acknowledged that there has been an outcry from the local business sector due to the influx of ‘fish and chips’ investors.

“We are aware of the dissatisfaction that exists in locals over this, but at the moment there is a law that specifically addresses the issue of such investments. The Empowerment Bill, however, is expected to deal with such when it becomes law,” Dlamini told senators during the portfolio committee debate in Senate.

Senator Chief Kekela, in his submission, challenged the minister to shed light on such investors because they had become a point of frustration to Small and Medium Enterprises (SMEs).
“You have these investors from the Asian community in groceries in every region of the country, even in rural places. They sell Simba chips, fat-cakes and tinned fish, yet they are the so-called investors. My question; can’t it be Swazis only trading in such?” enquired the senator.

He also submitted that there was a need to have a law that compelled foreign investors to engage in a joint venture with local businesspeople.
Senator Moi Moi Masilela was concerned why liquor selling outlets were not allowed to operate 24 hours like retailers? The minister responded that the laws that govern liquor sellers are different from those of retailers. As for compelling foreign businesses to be in a joint venture with locals, he said it would be addressed in the Empowerment Bill.    

       
Senator Michael Temple wanted to know how much revenue was being collected from factory shells, something which the minister responded by saying that factory shells were not profit-oriented. He said they were chiefly there to attract investors who must pay rent. Government also targets to gain revenue from taxation of investors and employees. 

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