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By NOKUNCEDA MAGAGULA | 2024-10-18
Eswatini is seeking to increase its current trade valued at E351.3 million with Italy by attracting more Italian investors to the country.
The trade between the two countries is governed by the SADC-EU Economic Partnership Agreement, which aims to provide reciprocal preferential access for products from both regions.
Eswatini believes there are ample opportunities to enhance bilateral trade and investment between the two countries and encourages Italian and European businesses to enter the broader African market using Eswatini as a gateway.
This was stated by Minister of Commerce, Industry and Trade Manqoba Khumalo during the Eswatini-Italy business dinner held at the Naiadi Rome Hotel yesterday.
The dinner aimed to optimise the Eswatini government’s presence in Italy and to create a closer engagement with Italian and, by extension, European investors interested in doing business with Eswatini, either through foreign direct investments or by sourcing products made in Eswatini.
Minister Khumalo highlighted opportunities in sectors such as food and textiles.
He noted that current trade figures reflected significant potential for increasing bilateral trade between the two countries.
Khumalo explained that government had endeavoured to act swiftly to create a compelling environment for businesses to thrive in the country.
He mentioned that Eswatini currently hosted several Italian businesses in various sectors, including construction, engineering design, manufacturing, textiles, hardware, and industrial tools.
“We wish to build on Italian expertise and know-how by adding more Italian businesses to operate in Eswatini,” he stated.
Khumalo assured Italian investors that their businesses could greatly benefit from establishing operations in Eswatini to access the African Continental Free Trade Area (AfCFTA). “This can be achieved to a greater extent by having production facilities in Eswatini and utilising our efficient logistics to access regional and continental markets,” he said.
The minister highlighted that the country had recently finalised its strategy for penetrating the AfCFTA earlier this year.
He added that related institutions, such as the Eswatini Investment Promotion Authority (EIPA), would assist in unpacking the significant potential presented by this market.
Minister Khumalo presented guests with several prioritised projects, including the Eswatini-South Africa Railway Link Project, Eco-City development around Mpakeni Dam, Iron Smelter Industry, the Big Five National Park, the construction of a sports stadium, development of a Smart City around the airport, and a Hydro Power Station in partnership with the energy sector.
He also mentioned investments in the Royal Science and Technology Park (RSTP) and the development of the country’s special economic zones, agricultural projects for domestic and export markets, and industrial development and agro-processing zones.
“These projects can be undertaken entirely by the private sector or in partnership with state entities through public-private partnerships,” he said. He explained that the special economic zones in the RSTP presented opportunities for export-oriented industries.
“These opportunities combined represent several billions of dollars in investments in infrastructure and industrial development,” he stated.
Khumalo emphasised that Eswatini was deliberately investing in its infrastructure to prepare for investors wishing to join in its economic transformation journey.
He added that government had prepared various incentives and programmes to assist investors in settling hassle-free in Eswatini.
“I want to emphasise that indeed Eswatini is open for business, and our incentive programme is second to none in the region,” he said.
He noted that His Majesty King Mswati III had recently urgedgovernment to inject a strong sense of urgency into all dealings, under a theme called ‘Nkwe,’ which denotes speed, agility, efficiency, execution, and quick decision-making.
“This is what sets Eswatini apart,” he stated. With that, Khumalo invited Italians to consider making Eswatini their next stop for investment exploration in the African continent. He noted that the past few days had been marked by numerous events surrounding the World Food Forum 2024, hosted in Rome.
The minister said the forum served as the premier global platform to actively shape agrifood systems for a better food future, accelerating the achievement of the Sustainable Development Goals (SDGs).
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