Africa-Press – Eswatini. Government is in the process of stregthening bilateral relationships with other countries on areas of mutual interest with the aim to increase the economic growth and create jobs beyond the effects of the COVID-19 pandemic.
Since the world has started opening up for business after over two years of uncertainty from the pandemic, Eswatini has been participating in many business related events and official visits to other countries with a view to strengthen its economic cooperation.
Recently the ministry of commerce, industry and trade was part of a delegation that attended the Commonwealth Heads of Government meeting in Rwanda and a business trip to Singapore on invitation by that country’s business federation.
The exchange of business ideas between countries enables each country to restrategise their economic inteventions to ensure that the strategies are of relevance and they are responding to the issues that are currently affecting the citizens resulting in the hinderance of the economic growth.
Minister of Commerce, Industry and Trade Manqoba Khumalo has been leading business delegations to various countries where issues of mutual interest were discussed. Recently, Khumalo led a delegation to the Republic of Bangladesh to strengthen the cooperation between the two countries.
During one of the meetings with authorities of Bangladesh, Khumalo said the entrepreneurship development, investment opportunities in agriculture and pharmaceutical investments were some of the main important areas of focus for Eswatini to improve its gross domestic product.
Among other areas of mutual interest, Khumalo highlighed the importance of cooperation beween the two countries in the areas of trade and commerce, contract farming and education. “Eswatini is excited to present to the Republic of Bangladesh its main focus of cooperation between the two countries which has a potential to absorb a greater percentage of the youth.
Most of our youth is unemployed therefore the introduction of certain skills such as farming would give them an opportunity not only to earn livelihoods but to also contribute to the country’s food security”, he added.
Although Bangladesh is a least developed country, however some of its selected sectors such as pharmaceutical products are penetrating the global market hence Eswatini will have a better chance to have a share of the global market through the cooperation between the two countries.
“The globe pharmaceuticals group of companies also has subsidiary companies in biscuits and dairy milk, soft drinks and beverages, poultry, fisheries and fish processing and edible oil which upon investing in the country will provide an opportunity for Eswatini to diversify its production and manufacturing”, Khumalo said.
Agriculture plays a crucial role in every economy as it does not only provide the citizens with income but also with food to ensure food security. Eswatini’s agriculture sector contributed about 8.77 per cent to the gross domestic product in 2020 with an arable land estimated at 175 000 hectas. Most member of the public engage in various farming activities but mostly for domestic consumption.
According the the African Development Bank’s eSwatini’s economic outlook, the country’s economy contracted by an estimated 3.2 per cent in 2020 after growing by 2.2 per cent in 2019. Manufacturing declined sharply as export-oriented industries were constrained by temporary business closures, disruptions in global value chains, and weak demand.
Construction dropped as the COVID–19 pandemic upended input supplies.
To strengthen the cooperation further, a delegation from Bangladesh will visit Eswatini to reassess the physical conditions of the country to ascertain areas of cooperation after conducting research studies to eansure investments yield intended results.
Bangladesh is also strong in the textile and apparel industry hence it is an engine for that countrys economic growth. During the visit to Eswatini, the two countries will share ideas on to increase access to the global market through the available concessions such as the AGOA.
The Minister’s delegation included Cebile Nhlabatsi – under secretary, ministry of commerce, industry and trade, Mluleki Dlamini – director micro, small and medium enterprises (msmes), ministry of commerce, industry and trade and Dr. Khanyisile Dlamini – Senior Executive Manager Investment Promotion, Eswatini Investment Promotion Authority (EIPA).
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