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By NOKUNCEDA MAGAGULA | 2024-11-29
The World Bank, and the International Finance Corporation (IFC) completed the Country Private Sector Diagnostic (CPSD) for Eswatini which revealed the need to embrace an export-led growth.
This diagnostic was an important milestone, as it helped to better understand the opportunities and challenges faced by the country’s private sector, where the country had significant growth potential.
Among the findings, they saw that Eswatini could accelerate its growth and create much-needed jobs by embracing an export-led growth model, strengthening support for micro, small, and medium-sized enterprises (MSMEs), and leveraging the entrepreneurial potential of its people.
This was during the first ever IFC Private Sector Day whose theme was ‘Sustainable Private Sector Growth in’. The event co-sponsored by the World Bank Group and Business Eswatini was held at Ezulwini Happy Valley Hotel.
It saw private sector industry players come out to network and share insights.
When making her address Mehita Fanny, IFC Country Manager said they identified priority sectors with high potential for economic development sectors like agri-business, textiles and apparel, forestry value chains, beef, and sugar, as well as emerging areas like financial and digital services, energy, and infrastructure. She said these sectors offered tremendous opportunities to not only boost exports but also drove job creation and economic recovery, particularly.
She further said the Private Sector Day here in Eswatini marked the beginning of a series of fruitful engagements aimed at unlocking new opportunities and driving sustainable growth in Eswatini.
“The theme of today’s event is Inclusive Growth: Enabling Sustainable Private Sector Growth in Eswatini.”
It speaks directly to the heart of our mission here at the International Finance Corporation (IFC). It reflects our commitment to fostering economic development that benefits all segments of society and creates lasting, inclusive prosperity,” he said.
Worth mentioning was that, their journey with Eswatini began several years ago, but it gained significant momentum in September 2022.
“The CPSD provided a detailed analysis of Eswatini's economy and highlighted several key areas as we continue to recover from the impacts of the Covid-19 pandemic.
It is clear that there is enormous potential within Eswatini, and that is why we at IFC are so committed to supporting the country in its journey towards achieving its Vision 2030,” said the country manager.
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