By Thokozani Mazibuko
His Majesty King Mswati III launched over 11 investment projects valued at E2.5 billion during the second quarter of 2024.
These projects, predominantly focused on the energy sector, represent a concerted effort to enhance the nation’s energy self-sufficiency and reduce reliance on foreign energy sources.
According to the Ministry of Commerce Industry and Trade, a remarkable 73% of this investment, approximately E1.619 billion, will flow directly into renewable energy initiatives.
This strategic focus aligns with Eswatini’s long-term vision of becoming a leader in sustainable energy production on the African continent.
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The Eswatini Energy Regulatory Authority (ESERA) forecasts that the nation will attract an impressive E9 billion in renewable energy investments by 2025.
These investments are expected to generate a total of 198.5 megawatts (MW) of power, enough to significantly enhance the energy mix and provide a robust support system for local industries, businesses, and households.
Furthermore, the influx of foreign direct investment is anticipated to create over 9,000 jobs, offering much-needed employment opportunities for the region’s workforce.
However, experts caution that actual job creation numbers may fluctuate due to potential changes in project scope and scale as development progresses.
The King’s vision for Eswatini’s energy future is clear, showcasing the commitment to harnessing renewable resources and positioning the nation as a sustainable energy producer.
“These initiatives reflect our dedication to achieving energy independence while fostering economic growth and job creation for our people,” remarked the Minister of Commerce.
An economist who preferred anonymity, welcomed this commitment to renewable energy, emphasizing its potential to not only address electricity shortages but also contribute to global efforts in combating climate change.
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It is worth noting that as foreign investors flock to Eswatini, the country is poised for a transformative transition towards a sustainable energy landscape, promising a brighter future for both its economy and its citizens.
Moreover, the government’s ongoing support and strategic focus in the energy sector are expected to make Eswatini a competitive player in the regional energy market, reinforcing its reputation as a prime destination for foreign direct investment.