By Ncaba Ntshakala
The Government and the business community pledged to join forces in pursuit of the ambitious goal of achieving double-digit economic growth within the next five years, a target championed by His Majesty King Mswati III.
The gathering, which was held at Emafini Country Lodge, brought together key stakeholders from both sectors, and was a platform for dialogue, collaboration, and strategic planning aimed at propelling the Kingdom of Eswatini’s economy to new heights.
Present during the meeting was Prime Minister Russell Dlamini who was in the company of various Cabinet Ministers.
The Prime Minister, in his address to attendees, expressed gratitude for their participation in the meeting and reaffirmed the vital role of the business community in driving economic growth and promoting the well-being of emaSwati.
He commended the business community for their continued support to the Government and their invaluable contributions to various initiatives, including Corporate Social Responsibility interventions and disaster relief efforts.
The Prime Minister reflected on the recent Sibaya People’s Parliament, where he emphasized the central role of economic growth in addressing the Kingdom’s major challenges, including unemployment and poverty.
Dlamini noted that while Eswatini has experienced a certain level of stability in recent decades, there is still much work to be done to translate strategies into tangible growth and prosperity for all citizens.
“In the past decades, Eswatini has experienced a certain level of stability, both economically and politically,” he stated.
“Strategies have been formulated in the past and implemented through hard work, and yet some of our strategies and hard work did not translate to the desired growth and well-being of emaSwati hence the high rate of unemployment and poverty.
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” The Premier added that although the economy has picked up in recent years, it still has a high poverty rate and inequality.
Highlighting the imperative of achieving double-digit economic growth, Prime Minister Russell highlighted the Government’s commitment to actively partnering with the business community to drive investment and innovation.
He outlined a bold vision for the future, emphasizing the need for innovative partnership models and strategies to stimulate growth and attract foreign investment.
“The rate of growth that His Majesty’s Government desires is one that will achieve a double-digit economic growth and this was also pronounced by His Majesty King Mswati III during the Opening of the First Session of the 12th Parliament early this year,” Dlamini stated.
“To achieve this, this administration will take the lead in working with businesses in Eswatini to grow our economy. We would like to have input from the business community on how best this can be done.
In the past, strategies have focused on making the Government a passive enabler of investment and business growth. He assured the business community that the current administration, however, has decided that the Government will be an active enabler; leading investment and growth through innovative partnership models and strategies.
The Ministry of Commerce, Industry, and Trade, Prime Minister Dlamini revealed, has been tasked with developing an ambitious investment policy aimed at enhancing the country’s reception of Foreign Direct Investment (FDI) and improving the ease of doing business.
He emphasized the importance of creating an enabling environment for both local and foreign investors, with a focus on supporting Micro, Small, and Medium Enterprises (MSMEs) to thrive.
Prime Minister Dlamini urged businesses to embrace export-driven strategies, leveraging international agreements such as the African Continental Free Trade Area (AfCFTA) to access major markets and promote Swazi products globally.
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He emphasized the Government’s commitment to promoting local entrepreneurship and manufacturing, calling on businesses to prioritize buying local and supporting indigenous initiatives.
Dlamini urged the captains of industry to seize the opportunity to transform Eswatini’s economy, emphasizing the country’s youthful demographic and untapped potential.
He invoked a message of optimism, urging all stakeholders to work together to harness Africa’s bright future and propel Eswatini towards prosperity.
Prime Minister calls on Business Community to combat corruption
During the Business to Government meeting, Prime Minister Russell Dlamini has urged the business community to take a firm stand against corruption and work collaboratively with His Majesty’s Government to eradicate this pervasive scourge from the nation’s socio-economic landscape.
In his address to attendees, the Premier issued a stern admonition against complicity with corrupt practices and individuals, emphasizing the imperative of upholding integrity and ethical conduct in all business dealings. He called upon every business entity to join forces with the Government in combating corruption in all its forms, stressing that no tolerance would be shown for those engaging in such illicit activities.
The Prime Minister extended an open invitation to businesses and individuals to collaborate with both his office and the Anti-Corruption Commission. He emphasized that their doors were always open to those willing to contribute to the collective effort to root out corruption and ensure transparency, accountability, and good governance in the business sector.
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Dlamini made it clear that no amount of intimidation or misinformation would deter the administration from pursuing this critical course.
Business Eswatini stresses importance of Private Sector in economic resilience
Business Eswatini Vice President in Industrial Relations and Social Policy Committee Andrew Le Roux during the meeting addressed the pressing economic challenges facing the nation. He emphasized the critical role of the private sector in driving job creation and supporting economic resilience amid global economic uncertainty.
“Honourable Prime Minister, in these uncertain times, as our nation grapples with the impact of global economic turbulence, our focus on job creation and economic resilience becomes paramount. The challenges we face are multifaceted, but our commitment to strategic policy development remains unwavering.” Le Roux remarked.
“The private sector serves as the backbone of productivity and economic growth by creating productive employment and decent jobs for all. Inclusive and sustainable economic growth relies on an enabling environment for private sector development and trade.”
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Le Roux further highlighted the multifaceted nature of the challenges confronting Eswatini in the current global economic climate. He cited the importance of maintaining a steadfast focus on strategic policy development to navigate these uncertain times effectively.
Recognizing the private sector as the cornerstone of productivity and economic growth, Le Roux emphasized its pivotal role in creating productive employment and generating decent job opportunities for all citizens.
He stressed that inclusive and sustainable economic growth hinges upon creating an enabling environment conducive to private sector development and trade.
While acknowledging the private sector’s capacity to drive growth, innovation, and job creation, Le Roux emphasized the indispensable role of government intervention.
He urged the government to establish stable and supportive environments that facilitate and support private sector activities, thereby strengthening economic growth and resilience.
