MBABANE – As 2025 comes to end today, Eswatini can reflect on a year that marked a clear turning point in its economic narrative.
Beyond routine policy pronouncements and sectoral engagements, the kingdom hosted two landmark initiatives for the very first time: the inaugural Eswatini Investment Conference in May and the MSMEs Conference in October.
Together, these platforms signalled a deliberate shift from aspiration to action, positioning Eswatini as both an emerging investment destination and a country intent on strengthening its domestic entrepreneurial base.
Taken together, the two conferences told a coherent story about the economy Eswatini seeks to build—one anchored by large-scale, transformative investments on the one hand and a resilient, empowered MSME sector on the other.
In many respects, 2025 may be remembered as the year the country began to more confidently articulate, and operationalise, its long-term economic vision.
The inaugural Eswatini Investment Conference, held in May 2025, represented a watershed moment in the Kingdom’s engagement with global capital.
More than a conventional investor forum, the conference marked Eswatini’s formal entry into a more assertive and structured investment promotion era.
By the time proceedings concluded, investment pledges in excess of E37 billion had been secured—an unprecedented figure in the country’s economic history.
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…broad-based pledges across strategic sectors
MBABANE – Beyond African Alliance, the breadth of investment pledges reflected strong interest across multiple sectors.
RES Corporation committed E11.2 billion towards the expansion and upgrading of sugar mills, increased land cultivation, and renewable energy generation, including ethanol and alcohol production.
Big Bend Textiles pledged E4 billion to establish a cotton ginnery and spinning mill aimed at producing high-quality fabrics and garments, reinforcing Eswatini’s ambitions in value-added manufacturing.
In the sugar industry, Ubombo Sugar Limited (USL) announced an investment of E2.4 billion, to expand its mill capacity and absorb cane from the LUSIP II project.
This investment also includes biomass cogeneration for electricity. Other notable pledges included FZ Capital’s E1.5 billion for Corporate SEZ and offshore banking services, Magomba Mining’s E1.4 billion for anthracite coal mining and renewable energy ventures, and African Food Security’s E1 billion for cash crop production and agro-processing.
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…Ubombo Sugar implements E2.4bn pledge
MBABANE – As the year progressed, the real significance of the Investment Conference began to crystallise through early signs of implementation.
In particular, Ubombo Sugar Limited (USL)’s investment moved decisively from pledge to action, with the company signing a Power Purchase Agreement with the Eswatini Electricity Company (EEC).
The Eswatini Investment Promotion Authority (EIPA) described the development as one of the strongest demonstrations yet of growing investor confidence in the kingdom.
EIPA Chief Executive Officer Sibani Mngomezulu said USL’s shift into the implementation phase represented “an intrepid signal of trust in the future of Eswatini’s economy and a vote of confidence in Eswatini as an attractive investment destination”.
He welcomed the foreign direct investment from Associated British Foods PLC, USL’s parent company, noting that the project would transform the sugar industry, bolster national energy security and contribute to job creation.
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Elevating MSMEs onto the national agenda
MBABANE – While the Investment Conference focused on large-scale capital, the inaugural MSMEs Conference held in October 2025 placed the spotlight firmly on the backbone of the economy.
Speaking at the conference in Ezulwini, Minister of Commerce, Industry and Trade Manqoba Khumalo urged entrepreneurs, policymakers, and development partners to convert dialogue into decisive action.
Describing the gathering as a “high-impact platform”, Khumalo emphasised that it was not intended to be a talk shop, but a space for honest reflection, bold ideas and practical solutions.
He highlighted MSMEs as the “heartbeat of our national economy”, noting their role in empowering women, uplifting the youth, creating jobs and driving innovation.
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