Tuesday 2019-11-12

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‘ESWATINI SHOULD BE HUB FOR KNOWLEDGE BASED ECONOMY’

By Sabelo Majola | 2019-05-16

One of the key areas that the country should focus on in the quest to achieve to economic growth and attainment of vision 2022 is making it a hub for knowledge based economy.

The knowledge based economy is an expression coined to describe trends in advanced economies towards greater dependence on knowledge, information and high skill levels, and the increasing need for ready access to all of these by the business and public sectors.

This was highlighted by Minister of Commerce, Industry and Trade Manqoba Khumalo during a roundtable dialogue with Industrial Development Company of Eswatini (IDCE) board members and staff yesterday.

Khumalo said the IDCE has a major role to play in manifesting this and attracting companies that are in the same space to invest in the country. He made an example about an America based company called Uber Technologies Inc. that offer scar-for-hire service without actually owning a car bur instead relies on smartphone tech to dispatch drivers and manage fees.

Attracting

“Knowledge based economy is the way to go and as a country we have the challenge of attracting investors who are operating in that space and the IDCE has a huge role to play in that aspect,” he said.

Khumalo also highlighted five areas of focus for the country to achieve the 10 000 jobs per year target in the next five years set by the government.

These are ease of doing business which entails reasonable time and reasonable costs for entrepreneurs to set up businesses, fiscal consolidation which is spending less on non-essential services and adopting a disciplined approach on spending money, infrastructure which will help grow the economy, culture of excellence and social safety net is a collection of services which include basic water, salaries, easy access to health facilities and social grants, among others.

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