Times Of Swaziland: ESWATINI TO IMPLEMENT APPROPRIATE FDI POLICIES

ESWATINI TO IMPLEMENT APPROPRIATE FDI POLICIES
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Mhlengi Magongo on 29/06/2022 08:25:00


MBABANE – Foreign Direct Investment (FDI) is important to the country as it
can assist in improving the economy and standard of living.
An FDI is a purchase of an interest in a company by a company or an investor
located outside its borders. His Majesty The King Mswati III participated in the
first ever business seminar in the Republic of Singapore to explore and promote
business opportunities between the two countries. The business seminar is aimed
at the facilitation and enhancement of business exchange between the Republic of
Singapore and the Kingdom of Eswatini for mutual benefits.
Organised
The seminar was organised by the Singapore Business Federation (SBF) Africa
Business Group whose chairman is Ranveer Chauhan. SBF is founded on principles
to promote better understanding of business concerns and government policies.
The Minister of Commerce, Industry and Trade, Manqoba Khumalo had the
opportunity to address questions from the SBF membership after the presentation
by the chief executive officer (CEO) of the Eswatini Investment Promotion
Authority (EIPA) ,outlining the advantages of doing business in Eswatini and
also the available investment opportunities in the kingdom.
The presentation on ‘Investing in the Kingdom of Eswatini – Tolaram
Journey’ was done by the Managing Director of Tolaram Africa Haresh Aswani who
shared their journey and experience with investing in Eswatini as Kellogg’s
Tolaram and gave a very compelling case to his fellow Singapore businesspeople
to consider Eswatini as their manufacturing hub in the SADC Region. Some factors
that the company considered was the strong government support to Foreign Direct
Investment (FDI), access to preferential markets, stable and free business
environment and generous incentives including duty free importation of capital
equipment, among others.
His Majesty in his remarks underscored the importance of FDI to the growth of a
country’s economy. To attract FDI a country needs to have the appropriate
policies and provide a conducive environment for businesses to trade without a
hassle. His Majesty also noted that the visit to Singapore was part of the
strategic engagement termed ‘Peer Learning Opportunity for the Kingdom of
Eswatini’. The establishment of Kellogg’s Tolaram in the Kingdom of Eswatini
reinforces the relationship between the two countries and can be attributed to
the competitiveness in doing businesses to which has helped the country remain
atop in Africa when it comes to the World Bank ranking.
Support
The Kingdom of Eswatini has also put in place fiscal and non-fiscal support
measures, to ensure the cost of establishing businesses and initial operational
costs are reduced drastically through a range of incentives. Already we have
seen new companies that have great potential in various sections such as
manufacturing and agro-processing, mining and energy, agriculture, information,
communication and technology and tourism. Implementation of the African
Continental Free Trade Agreement (AfCFTA) will bring numerous trade
opportunities and our policies have been streamlined in anticipation of a
renewed interest of multinational companies to invest in the Kingdom of
Eswatini.