Swazi Observer

FULL STORY

INDIA, ESWATINI VOW TO STRENGTHEN TRADE TIES, INVESTMENT OPPORTUNITIES

By Nomfanelo Maziya | 2024-04-25

Eswatini and India are poised to boost their economic relationship, following a recent meeting between India High Commissioner N. Ram Prasad and Chief Executive Officer of Eswatini Investment Promotion Authority Sibani Mngomezulu.

According to India High Commissioner N. Ram Prasad, both parties acknowledged the need to significantly strengthen trade relations between the two nations.

Leveraging the existing Most Favoured Nation (MFN) status granted under a 2002 Trade Agreement is seen as a key driver for achieving this goal.

To facilitate informed decision-making, trade data will be exchanged to reconcile any discrepancies in figures, according to the high commissioner. He mentioned that the establishment of a Joint Trade Committee under the respective commerce ministries is planned.

This committee will comprehensively assess trade, commerce, and economic relations, recommending actions to promote bilateral trade and investment, according to Prasad. In terms of investment opportunities for India, Prasad expressed interest in investment opportunities for Indian companies, particularly within Eswatini's Special Economic Zones (SEZs). Eswatini officials assured him details would be provided upon finalisation of the SEZ policy.

Discussions were held regarding Eswatini's participation in the upcoming Eswatini International Trade Fair, where the high commissioner requested details to be shared with Indian entities for potential participation.

Eswatini's recommendations were sought for prominent industry leaders, trade bodies and businesspersons to attend the forthcoming CII-Eximbank conclave in India.
According to Prasad, India offered Eswatini access to its India Stack platform, a digital infrastructure for citizen-centric services.

This includes the revolutionary Rupay card and Unified Payments Interface (UPI) system, which have streamlined financial transactions and enhanced ease of doing business in India. India further reiterated its commitment to supporting Eswatini through the ITEC programme.

This programme offers 50 fully-funded scholarships for short and medium-term capacity building courses, along with airfare, tuition, and accommodation. Eswatini students are also eligible for 30 fully-funded scholarships under the ICCR programme.

These scholarships support four-year undergraduate degrees and two-year post-graduate and doctoral programmes in India.

Additionally, India offers admissions for Eswatini students in the BS degree programme in Data Science and Artificial Intelligence at the prestigious Indian Institute of Technology Madras' Zanzibar campus.

share story