Africa-Press – Eswatini. By exporting, the country is reaping benefits such as foreign revenue generation and most importantly job creation, which results from the expansion of businesses driven by external demand.
These were sentiments shared by the Minister of Commerce, Industry and Trade, Manqoba Khumalo, during the Exporter of the Year Awards yesterday. Khumalo was represented by the Principal Secretary (PS) in the Ministry of Commerce, Industry and Trade Siboniso Nkambule. The minister said for businesses, exporting does not only lead to increased profits but, can also bring efficiencies in operations through the need to compete with the best globally. Khumalo highlighted that the country’s exports have been on the increase in the past five years. For the year under review 2022, Eswatini recorded E31.5 billion in total exports, with over 90 per cent being destined for the African continent.
He highlighted that export readiness training programmes and providing access to trade finance to spur exports were some of the strategic objectives contained in the AfCFTA implementation strategy that was launched. He said his ministry pledges to continue supporting exporters by formulating enabling trade policies, opening more preferential markets and providing incentives to make the country’s exports more competitive. “We are working with EIPA in reviewing their Act and will further support them in establishing a one-stop shop to streamline and fast-track businesses and investor facilitation,” said Khumalo.
Opportunities
The minister reiterated His Majesty’s Speech from the Throne where he (King) urged the private sector to intensify their efforts to exploite opportunities in regional and international markets.Meanwhile, the U.S. Embassy of Eswatini Chargé D’Affaires Caitlin Piper said exports and trade were the cornerstone of the modern interconnected global economy. Piper said by exporting goods and services, countries can capitalise on their unique competitive advantages and seek buyers far beyond their borders. She said engaging in exports encourages businesses to innovate, meet new demands and serve new markets.
Piper said they were very pleased President Biden determined Eswatini would remain eligible for benefits under AGOA during the 2024 calendar year, which maintains the duty-free access to the United States its firms currently enjoy. She said to maintain eligibility, Eswatini – and all AGOA countries – must demonstrate continual progress in a variety of areas including the elimination of barriers to U.S. trade and investment; economic policies to reduce poverty; a system to combat corruption and bribery; rule of law, political pluralism and the right to due process; and protection of internationally recognised worker rights and human rights. She mentioned that progress on these issues will also signal to Eswatini’s public and to foreign investors and markets that Eswatini respects good governance, due process, worker rights and human rights and seeks to provide an attractive climate for investment and business.
“We look forward to working with the Government of Eswatini to make progress on these important issues and continue to meet AGOA’s eligibility requirements,” said Piper.
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