Times Of Swaziland: MORE MARKETS, SUPPLIERS NEEDED IN AFCFTA

MORE MARKETS, SUPPLIERS NEEDED IN AFCFTA
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Mlondzi Nkambule on 26/05/2023 07:47:00


MBABANE – A market with over one billion consumers is in need of more
suppliers and products in the long term.
The African Continental Free Trade Area (AfCFTA) market platform has provided
more market opportunities, which are now available in addition to the SACU and
COMESA markets. Traders can access these markets through EIPA, which is in
charge of the investment opportunities in the country. AfCFTA has proven to be
an enabling platform for development, especially in the area of trade and
business growth. This was according to the Head of Trade of the Eswatini
Investment Promotion Authority (EIPA), Bongani Ntshangase. EIPA released a
statement commemorating Africa Day as well as EIPA’s role in facilitating
trade and investment in Eswatini and playing a central role in the facilitation
of the AfCFTA.
Ntshangase said, “Intra-African trade is a very important element that is not
to be ignored, especially when looking at trade between Eswatini, Africa, and
the rest of the world. Africa has emerged as an attractive market for
export-oriented companies and manufacturers across the world, as demand for
consumer and capital goods in Africa has been growing at a steady pace in the
last few years.” According to the United Nations Conference on Trade and
Development, Africa imported about 80 per cent of its food from outside the
continent, amounting to US$35 billion and expected to reach US$110 billion by
2025.
Ntshangase added that the top products that Africa was importing from the rest
of the world were automotives, computers, IT products, clothing and fashion
accessories, pharmaceuticals, machinery and engineering products, and chemicals.
“These products are in high demand in Africa for a number of reasons,
including the high levels of economic growth and urbanisation within African
society,” he added. South Africa is one of Eswatini’s biggest trade
partners, with E22 billion of our local goods being sent to them every year.
Ntshangase mentioned that although Eswatini also subscribes to the Common Market
for Eastern and Southern Africa (COMESA), the AfCFTA has opened up new and
exciting opportunities for enhanced trade with our existing trade partners, as
well as new opportunities in West, North, and Central Africa. He said currently,
Eswatini exports to these regions chemicals, sugar, pulp and wood products,
textiles, and processed food.
EIPA is of the view that, due to the work of entities like EIPA and COMESA, the
country has been put in a good position to fully utilise AfCFTA opportunities.
They said with the introduction of retail platforms such as BuyEswatini.com,
which was launched last year, Eswatini’s trading potential is marketed with
ease.“This puts the country in a prime position to successfully market its
goods to the rest of the world. According to the statement, BuyEswatini will
continue to operate as a permanent virtual catalogue of goods and services
offered by traders from all over Eswatini.” “AfCFTA seeks to create one of
the biggest markets to compete with other localised markets such as China with a
domestic market of 1.3 billion consumers, India with a domestic market of 1.4
billion consumers, Europe with a domestic market of 741 million consumers, and
the United States of America with a domestic market of 330 million consumers,”
added Ntshangase.