LOBAMBA – His Majesty King Mswati III has directed his nation to set deliberate targets.
He said they must aim for at least 10 companies with a minimum of E10 billion annual turnover across different sectors.
His Majesty the King was speaking in Parliament yesterday during the State Opening of the Third Session of the 12th Parliament.
He said the creation of 10 companies with the annual turnover of E10 billion would give the country’s economy the much-needed boost.
“It is time we set deliberate targets, aiming for at least ten companies with a minimum of E10 billion annual turnover across different sectors. This would give our economy the much-needed boost,” His Majesty the King said.
Ingwenyama said the country has great potential to develop productive industries that can generate billions in revenue, eventually surpassing Southern African Customs Union (SACU) receipts.
SACU is the world’s oldest functioning customs union, established in 1910 and consisting of Botswana, Eswatini, Lesotho, Namibia and South Africa. Headquartered in Windhoek, Namibia, it promotes economic integration through a common external tariff, shared customs revenue and coordinated trade policies among its members.
In his Speech from the Throne, the Head of State said the economy has also shown remarkable growth from a GDP of approximately E1.4 billion in 1986 to the current E95.2 billion.
His Majesty said: “Most significantly, we have enjoyed prolonged peace and stability that has sustained our development.”
The King said these milestones were by no means the end of the journey.
He said the country still had much to do and a long way to go towards fulfilling the aspirations of the First World vision.
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Now we have a Constitution – King
LOBAMBA – When His Majesty the King ascended the Throne on April 25, 1986, the country did not have a Constitution.
EmaSwati elected members of Parliament through a system called ‘Electoral College.’
The Electoral College was a body that played a key role in the selection of members of the House of Assembly under the Tinkhundla System. It was composed of representatives elected at the chiefdom (umphakatsi) level, who then formed part of the inkhundla (constituency) structure.
Each inkhundla served as an electoral constituency and the Electoral College within it was responsible for considering nominations from the people and electing candidates who would ultimately represent the area in Parliament.
EmaSwati complained about this electoral system, which His Majesty King Mswati III reviewed, resulting in the current electoral system called ‘direct representation.’
In his Speech from the Throne yesterday, the Head of State lauded the nation for charting its own political path over the past four decades, which gave birth to the country’s Constitution and an electoral system that ensures direct representation in Parliament through the Tinkhundla System of Government.
His Majesty said: “Throughout the four decades our nation has been able to chart its own political path that gave birth to our Constitution and an electoral system that enjoys direct representation to Parliament through the Tinkhundla System of Government.”
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Let’s make unemployment thing of the past – King
LOBAMBA – His Majesty King Mswati III has declared that Eswatini must aspire to make unemployment a thing of the past.
In his Speech from the Throne yesterday, the Head of State set a bold vision for the next four decades as the kingdom marks 40 years of development.
His Majesty said the nation’s focus should be on creating meaningful employment opportunities and ensuring that economic growth benefits all emaSwati.
“As we mark 40 years of development, we must aspire to declare unemployment a thing of the past over the next 40 years,” His Majesty said. The King emphasised that the country must build on existing partnerships and challenge itself to invest heavily in industries that generate jobs.
“Their confidence in this partnership challenges us to ask: What will it take to invest E8 billion of our own resources in similarly viable projects? Such investment must target industries that create meaningful employment,” he said.
The King further stated that investment decisions must be guided by research to ensure that the returns are maximised and reinvested within the country.
“The industries we target ought to be well researched so that once we invest, we derive triple the E8 billion turnover, which is money that has to be reinvested locally,” he said.
The King reaffirmed government’s commitment to continuing the Factory Shells Construction Programme, which aims to attract foreign direct investment and create employment, particularly for the youth.
“Government will continue with the construction of factory shells nationwide to attract foreign direct investment and create jobs, particularly for the youth,” His Majesty announced.
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