Eswatini’s investment landscape has undergone significant transformation over the past four decades, with agriculture, manufacturing, infrastructure and services emerging as key pillars of the country’s economic development.
Since His Majesty King Mswati III ascended to the throne in 1986, the country has pursued a deliberate strategy of strengthening investment institutions, expanding infrastructure and attracting both domestic and foreign capital.
The journey, however, builds on foundations established following independence in 1968. 
1968–1985: Laying the foundations
At independence, Eswatini’s economy was largely agriculture-based, with foreign companies, particularly from South Africa and the United Kingdom, playing a significant role in investment.
Capital was concentrated in sectors such as sugar, forestry and basic manufacturing.
Preferential trade arrangements with Europe supported the expansion of the sugar industry, which became an important source of export earnings.
Development partners, including the World Bank, also supported infrastructure development in areas such as roads and energy.
1986–2000: Strengthening institutions
Following his accession to the throne in 1986, King Mswati III’s reign coincided with efforts to strengthen the country’s economic and investment institutions.
Eswatini increased cooperation with international financial institutions, including the International Monetary Fund and the African Development Bank, while development programmes focused on strengthening the broader economic environment.
Investment from Asian partners, particularly Taiwan, also expanded during this period, especially in manufacturing and export-oriented industries.
Industrial estates were developed to provide infrastructure for businesses and support the gradual diversification of the economy.
2000–2010: Trade-driven investment
The early 2000s represented a major shift in Eswatini’s investment landscape.
Preferential access to the United States market under the African Growth and Opportunity Act created new opportunities for the textile and apparel industry.
Manufacturers from China and Taiwan established operations in the country, contributing to industrial expansion and employment creation.
Development partners, including the European Union, simultaneously supported investments in social and economic infrastructure, including health and education.
2010–2020: Infrastructure and rural investment
The following decade saw greater emphasis on inclusive economic growth, infrastructure development and rural investment.
The establishment of the Eswatini Water and Agricultural Development Enterprise provided an institutional framework for large-scale irrigation and agricultural development.
With support from institutions including the African Development Bank and the International Fund for Agricultural Development, irrigation projects sought to commercialise agriculture and increase participation by rural communities.
Road infrastructure also received substantial investment, improving connectivity and strengthening Eswatini’s position within the Southern African Development Community.
Rural electrification programmes expanded access to electricity, with coverage eventually exceeding 80 per cent of the population.
2020–2026: Pursuing mega-investments
In recent years, Eswatini has intensified efforts to attract large-scale investments while strengthening opportunities for local businesses.
The Regional Development Fund has provided financing for local businesses, cooperatives and community projects, while investment promotion efforts have focused on attracting regional and international investors.
Special Economic Zones have also been introduced to provide competitive environments for manufacturing and services.
Investment has increasingly targeted areas such as fertiliser production, energy, agriculture, manufacturing and other industries capable of reducing import dependence and creating jobs.
The 2026 national investment drive represents another major push, with the government seeking to attract at least 10 major companies capable of generating E10 billion each in annual turnover.
International partnerships remain an important part of this strategy.
Eswatini continues to engage with regional and international institutions on trade, development and investment, while its membership of SADC provides access to a broader regional market.
Bilateral relationships with countries across Africa, Europe, Asia and the Americas have also opened opportunities for investment in agriculture, manufacturing, energy and services.
