‘ESWATINI STILL COMPETITIVE INVESTMENT DESTINATION’

MBABANE – Government has promised to take a firm stand in supporting business by finding ways to speed up the restoration of the economy.

This follows unfortunate events of unrest which have impacted Eswatini’s economy over the past few weeks. This has caused a lot of anxiety around how we will rebuild the economy. In a statement through one of its parastatals, which is the Eswatini Investment Promotion Authority (EIPA); the ministry of commerce, industry and trade said they were lined up interventions in response to the unfortunate developments. These interventions include talks with the insurance industry, fuel wholesalers, logistics services, regulators and others to see what measures can be put in place to expedite the return to normal operation business.

“We have also held forums and had visits with the business community, both big business and SMEs, over the past few days to hear some of the concerns and challenges they have faced. This includes both those who were attacked during the violence of late, and businesses who are monitoring the landscape in order to assist in ensuring their ability to continue delivering to their customers,” said Minister Manqoba Khumalo. The minister said the impact on the investor community both locally and internationally had been undeniable, causing many to raise concern around Eswatini’s ability to recover from these unfortunate events and while providing a safe, conducive environment in which industry can not only exist but thrive.

“In light of this, we would like to encourage the business community and potential investors by saying that we are, as a nation, committed to recovering in a sustainable fashion from what we have experienced. We are also acutely aware of the losses suffered by SMEs who both supported and serviced the communities in which they operated. We are looking at the impact of these and how we can assist them in managing their losses to hopefully return to full operation sooner rather than later,” said the minister.
The minister stressed that they were also fully tapping into the support offered to the business community by parastatals that include EIPA.

Joined

Minister Khumalo also said the ministry of finance also joined hands with to educate business on the mechanisms available to ease pressure on their balance sheets during this time. This has involved consultation with the Eswatini Revenue Authority (SRA)and others.  In mentioning the Post- COVID-19 Economic Recovery Plan, the maintained that strides had been made towards achieving the strategic objectives highlighted in it. Recently, it announced that in addition to the activity the country has seen to date, a further E16 billion worth of investments, with the potential to create over 32 000 jobs, at either stage of preparation, planning or full operation, have been negotiated. “Though these figures stand in comparison to the recent losses we have suffered, they are still worth considering in the broader view of growth and development for the country at large, while also appreciating that their implementation will result in economic development over time,” he said.

Competitive

That said, the minister emphasised that Eswatini was still a competitive investment destination in southern Africa offering a gateway to the rest of Africa and the world. This is through its good road network, trustworthy rail infrastructure and trade agreements within regional and international trade bodies. “Our labour force is still among the most educated in the region and our provision of electricity supply and other raw materials required to keep business going such as water, operating facilities and regulatory support remain reliable,” he stressed. Minister Khumalo also said they were still working tirelessly towards the long-term vision of being an export-led economy with a strength in manufacturing while working on growing  the country’s gross domestic product (GDP); encouraging commercial activity for the creation of jobs; and engaging in big projects which will see government empowering the private sector.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: