Africa-Press – Eswatini. Minister of Commerce, Industry and Trade, Manqoba Khumalo has set an ambitious target of reaching at least E50 billion in exports within the next five years.
This was revealed during the Eswatini Exporters Awards ceremony hosted by Eswatini Investment Promotion Authority(EIPA).
Khumalo further emphasised government’s need for collaboration with entrepreneurs to significantly boost the country’s exports.
He highlighted a two-pronged approach to achieving this goal.
He said collaboration with development partners would be crucial in establishing export readiness training programmes.
The aim is to graduate at least five per cent of Eswatini’s over 4 500 small and medium enterprises (SMEs) into fully-fledged exporting businesses.
This initiative, according to the minister, who was represented by PS Siboniso Nkambule, is especially important considering that the current database of Eswatini exporters sits below 200.
He emphasised the importance of access to trade finance for export businesses.
He applauded a recent peer-learning event focused on this specific challenge and urged Eswatini’s development finance institutions and banks to take a proactive stance. The development of innovative and easily accessible export financing products tailored for MSMEs is seen as a key driver of export growth.
Commitment
The minister reiterated government’s commitment to supporting exporters through various means.
This includes formulating enabling trade policies, securing access to new preferential markets and providing incentives to enhance the competitiveness of Eswatini’s exports.
He said additionally, collaboration with EIPA was ongoing to streamline business and investor facilitation, highlighting the review of EIPA’s Act and establishment of a one-stop shop as initiatives designed to achieve this goal.
Khumalo’s call to action comes at a time when Eswatini is actively implementing its African Continental Free Trade Area (AfCFTA) strategy.
The strategy prioritises export readiness training programs and improved access to trade finance as key objectives.
“Export readiness training programmes and providing access to trade finance to spur exports are some of the strategic objectives contained in the AFCFTA implementation strategy,” he said.
The minister’s remarks signalled a clear focus on leveraging the AfCFTA to unlock Eswatini’s export potential and achieve significant economic growth in the coming years.
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