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EZULWINI – The Eswatini Investment Promotion Authority (EIPA) has described the proposed Investment and Trade Promotion Bill as a ‘strategic legislative instrument.’
The institution has described it as one that will modernise the country’s investment and trade framework to meet global standards and attract both domestic and foreign investment.
Speaking during a stakeholder consultation at SibaneSami Hotel yesterday, EIPA Chief Executive Officer Sibani Mngomezulu said the Bill represents a significant step in Eswatini’s journey toward economic transformation and sustainable development.
“The Investment and Trade Promotion Bill is intended to harmonise and streamline the framework that governs investment and trade in our country,” said the CEO.
“It is a culmination of a wide consultative process that examined existing legislation, identifying gaps and aligning them with global best practices as well as the international commitments of Eswatini.”
The Bill proposes to repeal the Swaziland Investment Promotion Act of 1998, which the CEO noted has been overtaken by developments in international trade and investment regimes.
“Since 1998, much has changed in terms of international agreements and conventions that Eswatini has entered into,” he said. “This legislation seeks to set a precedent for a more competitive, transparent and investor-friendly economy that enhances our export capabilities and access to regional and global markets.”
EIPA highlighted that while the country has made strides in improving the business environment through initiatives such as the Investor Roadmap, more needs to be done to stay competitive in a rapidly changing global economy.
Full article available in our paper.
EIPA Chief Executive Officer Sibani Mngomezulu. (Pic: Nhlanganiso Mkhonta)