Africa-Press – Eswatini. Minister of Commerce, Industry and Trade Manqoba Khumalo has indicated that emaSwati are still not in the manufacturing space.
He said, this wastherefore, where the focus should be for the country, because it was noted that most of the products available in the country were imported. Speaking during the launch of the Entrepreneur of the Year Awards (EYA) 2024 on Wednesday, Khumalo said the foreign companies who were running the manufacturing firms, especially in the textile firms, were making a lot of money that would have been made by emaSwati. The minister challenged stakeholders like the Small Enterprises Development Company (SEDCO), to find ways to transform the local MSMEs into large manufacturers.
He noted that through manufacturing, a lot of people would be hired. Khumalo further highlighted that jobs were not created at the expected pace and at the rate at which the country was producing graduates and such was leading to untold frustration. He said partly, it was because the country was still stuck in the past.
Imports
Minister Khumalo said their role as government was to create an enabling environment for local businesses to out-compete foreign imports. He said it was their duty to see how they could make protections for the local businesses. He said one of the mitigations to that was the recently passed Citizens Economic Empowerment Act of 2023. He stated that in order to see that Act functioning, they were currently busy with the composition of the Citizens Economic Empowerment council, which would, among other things, prepare the regulations of this Act.
He added that in the wake of the African Continental Free Trade Area (AfCFTA), emaSwati entrepreneurs should think big and establish Eswatini as a production centre for the entire.
Continent.
The minister encouraged MSMEs to seize the opportunities presented by larger markets, particularly those within the AfCFTA, which was now open for trade. He said the AfCFTA was ground-breaking, as it has created a single continental market for goods and services, with free movement of businesspersons and investments. Khumalo said by tapping into this expansive market, entrepreneurs could significantly increase their customer base, diversify their revenue streams, and reduce their dependence on local markets.
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