CHOGM BUSINESS INCLUSIVITY FOR MEMBERS

MBABANE - Trading with other nations is a priority of Eswatini as the country is planning to decrease imports and increase exports.

The country has, in the past two years, imported more products and produce than it has exported. The uncertainty of COVID-19, the ongoing Russia-Ukraine war and the recently discovered monkeypox have contributed to the decrease in ‘ease of doing businesses’. Food prices have inflated more than three times in the last two quarters and thus creating global mayhem as wages have remained stagnant. Over 152 countries globally are demanding a wage increase to meet the ever escalating price of commodities and the business community is of the view that such is caused by the trade laws, which are a limitation to other nations. Trade laws have resulted to nations not being able to supply or procure items in other countries which are neither scarce nor a demand. These have forced governments and private sector organisations to collaborate and limit the distinct trade law which hinder the free flow of goods. As part of those efforts in the country, the Ministry of Commerce, Industry and Trade (MCIT) along with the Eswatini Investment Promotion Authority (EIPA) participated in the Commonwealth Business Forum held in Kigali, Rwanda under the Commonwealth Heads of State and Government (CHOGM) 2022 MEETINGS.

Advantages

This was shared by Minister of Commerce Industry and Trade Manqoba Khumalo in a statement yesterday. Khumalo said the business forum focus was on the advantages of being part of the Commonwealth and how each country could leverage on that. He said the Commonwealth offers opportunities to the 54 nations, with a population of about 2.5 Billion of which 60 per cent are under 30 years and an investment flows above 27 per cent between Commonwealth countries. “There was emphasis on a common future which include equal opportunities and inclusivity. The role of the Commonwealth Business Forum is to ensure that countries and businesses connect, innovation takes place and staring sustainable businesses,” said the minister. Khumalo also said the issue of common wealth (sharing of the wealth) instead of the economy being concentrated to a few countries in the Commonwealth were discussed.He said strategies were proposed on the distribution of the wealth and urgency in the implementation of the strategies to give value to all people. “Value addition on our primary products was also key in the discussions especially with the Africa Continental Free Trade Agreement (AfCFTA) in place which is expected to bring a global reset and refocus on African continent,” he said. The minister added that other topics that were deliberated, but not limited to were: Fintech, skills development, and facilitation of investment flows, embracing software development in Africa, trading, connectivity, and elimination of barriers to trade amongst Commonwealth countries.

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