Swazi Observer

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SPECIFIC AREAS, BUSINESSES TO BE PRESERVED FOR EMASWATI

By SILINDZELWE NXUMALO AND SIFISO NHLABATSI | 2023-07-06

Minister of Commerce, Industry and Trade Manqoba Khumalo has disclosed that the Citizens Economic Empowerment Bill that has recently been passed into law will be a game changer for Small, Medium Enterprises (SMEs).

Khumalo, who has been pushing hard for the Bill to be passed, said it will have a citizens economic empowerment council, which will issue regulations that would speak to the type of businesses preserved for Emaswati, what sectors and areas in the economy, particularly in the outskirts, rural area businesses are preserved for Emaswati.

He said once it is implemented, there would be an increase in the number of SMEs in the country and the impact that they have in the economy, as well as job creation.

The Bill was passed by senators on Monday. Some of the things that the Bill seeks to do is to promote and stimulate micro, small and medium enterprises development and growth through the economic empowerment of citizens owned companies.

The Bill also seeks to promote gender equality through increasing employment opportunities in -accessing, owning, managing, controlling and exploiting economic resources.

It will also provide equal opportunities for citizen-owned companies in accessing and being awarded procurement contracts and other services from State and private institution.

Khumalo said the Bill which has been stalled for the past 12 years, sought to promote new investments and existing ones through joint ventures and partnerships between local and foreign investors in order to enhance broad-based economic empowerment, and establish a citizens economic empowerment council and provide for powers and functions of the council.

“The Bill has been in the making for more than 12 years, however, there were various reasons it couldn’t go through. This bill is now ready for our principals to see,” he said.

The minister stated that the bill was designed to create specific incentives for local entrepreneurs.
Khumalo said the council that will be set up would look at what incentives were given to Emaswati from a taxation point of view, repayment of loans, interest rates and other forms of incentives that would be defined.

“This bill also better defines procurement rules.
For instance, if there is a big player in the economy, they need to demonstrate if they were employing the right number of young people and if they were supporting local SMEs,” the minister stated.

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