By Delisa Thwala
The World Bank, and the International Finance Corporation (IFC) completed the Country Private Sector Diagnostic (CPSD) for Eswatini which revealed the need to embrace an export-led growth.
This diagnostic was an important milestone, as it helped to better understand the opportunities and challenges facing the country’s private sector, where the country has significant growth potential.
Among the findings, they saw that Eswatini can accelerate its growth and create much-needed jobs by embracing an export-led growth model, strengthening support for micro, small, and medium-sized enterprises (MSMEs), and leveraging the entrepreneurial potential of its people.
RELATED: Eswatini’s coin recirculation solution gains global recognition
This was during the first ever IFC Private Sector Day whose theme was Sustainable Private Sector Growth. The event co-sponsored by the World Bank Group and Business Eswatini was held at Ezulwini Happy Valley Hotel.
It saw a litany of Private Sector industry players come out to network and share insights.
When making her address Mehita Fanny, IFC Country Manager said they identified priority sectors with high potential for economic development sectors like agribusiness, textiles and apparel, forestry value chains, beef, and sugar, as well as emerging areas like financial and digital services, energy, and infrastructure.
She said these sectors offer tremendous opportunities to not only boost exports but also drive job creation and economic recovery, particularly.
Sje further said the Private Sector Day here in Eswatini marks the beginning of a series of fruitful engagements aimed at unlocking new opportunities and driving sustainable growth in Eswatini.
“The theme of today’s event is Inclusive Growth: Enabling Sustainable Private Sector Growth in
Eswatini. It speaks directly to the heart of our mission here at the International Finance Corporation (IFC).
It reflects our commitment to fostering economic development that benefits all segments of society and creates lasting, inclusive prosperity,” he said.
Worth mentioning is that,their journey with Eswatini began several years ago, but it gained significant momentum in September 2022.
RELATED: Eswatini Paper Mills to unveil E200 million project in 12 months
“The CPSD provided a detailed analysis of Eswatini’s economy and highlighted several key areas
as we continue to recover from the impacts of the Covid-19 pandemic.
There is enormous potential within Eswatini, and that is why we at IFC are so committed to supporting the country in its journey towards achieving its Vision 2030,” said the Country Manager.
The objective of the Private Sector Day is to continue building on partnership. The Private Sector Day is a
culmination of years of collaboration and research, and it serves as a platform for dialogue,exchange, and partnership.
“The potential for growth in the different sectors is immense, and we are eager to continue supporting your efforts through tailored financial solutions, advisory services, and capacity-building initiatives.
Whether you are a small entrepreneur or a large company, we want to make sure
that you have the tools, resources, and partnerships to succeed. Our Commitment to Unlocking the Private Sector,” emphasized Fanny.
She further said, they were committed to helping Eswatini unlock its private sector potential by addressing the barriers that hinder growth and by strengthening the sectors that can drive sustainable development.
