Africa-Press – Eswatini. His Majesty King Mswati III has set an ambitious national target to raise Eswatini’s GDP per capita from E78 238 to E480 000 (US$30 000), charting a bold and transformative path toward significantly improved living standards and long-term prosperity.
Delivering the Speech from the Throne during the official opening of the Third Session of the 12th Parliament, the King declared that the nation must not rest until emaSwati experience tangible economic progress. Raising GDP per capita to E480 000 means expanding the size of the economy several times over, translating into stronger businesses, higher incomes, more employment opportunities and improved quality of life.
His Majesty emphasized that achieving this milestone requires a highly resilient economic foundation supported by a well-structured and dynamic financial sector.
While acknowledging the positive impact of SACU receipts on national revenue, the King stressed the need to reduce overreliance on external income streams. He called for a diversified revenue base, with income sources spread across multiple sectors, similar to well-developed economies.
Despite global economic shocks, Eswatini’s economy continues to demonstrate resilience. Growth has been largely driven by the construction sector through major projects and expanding private-sector initiatives. The outlook remains cautiously optimistic, supported by ongoing public and private investment in key development programmes.
A key pillar of the new economic direction is deliberate revenue mobilisation. His Majesty proposed setting clear targets to establish at least ten companies across different sectors, each generating a minimum annual turnover of E10 billion.
Such enterprises would provide a substantial boost to the economy, create meaningful employment and eventually surpass SACU receipts as a dominant source of revenue.
Mega projects already underway are expected to play a catalytic role. The International Convention Centre (ICC), opening this year, is projected to operate commercially and generate significant tourism income. Other strategic initiatives include major dam construction, the establishment of a Strategic Oil Reserve and the development of a E6 billion industrial park in partnership with investors to attract capital and stimulate job creation.
The King further challenged the nation to mobilise domestic resources, urging investment of E8 billion locally into viable industries capable of generating triple returns that are reinvested within the country.
Marking 40 years of development, His Majesty expressed confidence that with focused and research-driven investments, unemployment can become a thing of the past over the next four decades.
The King welcomed Eswatini’s ranking as the 10th-best country in Africa for business readiness in the World Bank’s B-READY 2025 Report. He described the achievement as a reflection of growing investor confidence and ongoing reforms, including the establishment of the Business One-Stop Shop (BOSS).
He urged stakeholders to leverage this recognition by intensifying efforts to market Eswatini as an investment destination of choice, highlighting the country’s stability, strategic location, expanding digital infrastructure and commitment to economic diversification.
Infrastructure remains central to economic expansion. The nation is targeting the paving of 500 kilometres of road by 2028, including upgrades to the Siphofaneni–Maloma–Nsoko and Siphambanweni roads, alongside phased improvements to district and feeder roads.
Although some infrastructure has been damaged by heavy rains, His Majesty called for swift restoration to ensure seamless connectivity and sustained economic activity.
The King also addressed plans for a new Parliament building, noting that the current facility has served its purpose and that the Legislature requires a modern structure suited to its evolving mandate.
With a bold GDP target at its core, the Speech from the Throne sets a confident national agenda — one anchored in diversification, investment, resilience and shared prosperity for every emaSwati.
