Eswatini targets double-digit growth by 2029

By Siphesihle Dlamini

Prime Minister Russell Dlamini seized the opportunity at the Business Breakfast Meeting with the South African High Commission in Ezulwini on November 13, 2025, to articulate a bold vision for Eswatini’s economic future and its strategic partnership with South Africa.

Describing the gathering as “both an honour and a privilege,” Dlamini framed the event not merely as a forum for trade discussion but as a critical juncture to “chart a collective path toward transformation, resilience, and inclusive growth” between the two nations.

Dlamini emphasised that Eswatini and South Africa are more than neighbours; they share a “natural cord of geography, culture, and a shared aspiration for sustainable prosperity.”

Reflecting on decades of political solidarity, he recalled how Eswatini opened its borders during apartheid to provide a “warm and loving home” for black South Africans fighting for freedom.

Since Eswatini’s independence in 1968, South Africa has been a steadfast partner, establishing one of the first formal diplomatic ties and collaborating extensively in the labour, trade, and education sectors.

The Prime Minister described this relationship as “defined by partnership, mutual respect, and shared development goals,” which has only deepened with South Africa’s democratic transition in 1994.

Addressing a sensitive topic, Dlamini stressed Eswatini’s unique Tinkhundla system of governance, also known as monarchical democracy. He stressed that the system is “deliberate,” merging “the good from the western system and the good from our traditional system,” and that Eswatini is “not apologetic about Tinkhundla.

” Countering widespread misconceptions that the system lacks democratic principles, he explained that it is modelled on the British county system, using a First Past the Post voting method where individuals are “directly voted for based on merit.”

Elected representatives then serve collectively under the constitutional monarch, who “provides stability and continuity.” Dlamini highlighted that the majority of emaSwati are “at peace with our system of governance,” as demonstrated by the country’s relative peace and stability compared to other regional states.

The Prime Minister presented compelling data underscoring the deep economic integration between Eswatini and South Africa. South Africa remains Eswatini’s largest trading partner, accounting for 84 per cent of total trade.

In 2024, Eswatini exported goods worth approximately E27.4 billion to South Africa, including scented mixtures, raw sugar, industrial fatty acids, oils, and alcohols.

Imports from South Africa amounted to about E30.9 billion, primarily mineral fuels, vehicles, machinery, and electricity. Trade between the two countries has grown at an annualised rate of nearly 10 per cent over the past five years, illustrating how “deeply intertwined our economies have become,” as Dlamini put it.

Tourism emerged as another pillar of their bilateral relationship. Eswatini, with its rich cultural heritage and natural beauty, is recognised as one of the top five inbound African markets by South African Tourism.

The Prime Minister noted a 13 per cent increase in South African tourists visiting Eswatini in the first nine months of 2025, totalling over 1.1 million visitors.

Conversely, more than one million Eswatini citizens travelled to South Africa in 2024 for commercial and tourism purposes. This vibrant exchange “demonstrates the strong ties that exist between our countries,” Dlamini said.

Dlamini unveiled Eswatini’s ambitious transformative agenda launched in 2024, targeting double-digit GDP growth by 2029. Guided by the Nkwe Programme of Action (2023–2028) and the Grand Plan for National Transformation, the Kingdom aims to diversify its economy and foster inclusive prosperity.

“At their core, these frameworks seek to transform Eswatini into a government-led, private sector-driven economy motivated by competitiveness, innovation, and export diversification,” he explained.

The Prime Minister underscored that regional collaboration, especially with South Africa, is “indispensable to achieving these ambitions,” signalling a call for deeper economic integration.

Despite its small size and landlocked status, Eswatini’s economy grew nearly 5 per cent in 2023, reflecting resilience and dynamism. Key sectors such as agriculture, agro-processing, manufacturing, tourism, mining, energy, infrastructure, IT, and education offer expanding opportunities for investors.

“We are looking for serious investors that will find a home in our beautiful kingdom and are ready to partner with serious mega investors,” Dlamini said. He highlighted the need for investments in clean energy technology to produce at least 1000MW of baseload power to catalyse industrialisation.

The government has introduced reforms to streamline business processes, including the launch of the Business One Stop Shop (BOSS) and legislation to offer permanent residency by investment.

Eswatini’s strategic position as a gateway to global markets is reinforced by trade agreements with Africa, the EU, the UK, and Taiwan, along with one of the lowest US import tariffs at 10 per cent, making it an attractive destination for investors.

In his concluding remarks, Prime Minister Dlamini called for a reimagined partnership between Eswatini and South Africa. “Let Eswatini and South Africa move beyond being trading partners to becoming co-creators of regional value chains and industrial ecosystems,” he urged.

He described the relationship as “a beacon of enduring friendship and mutual benefit” and expressed confidence that combining Eswatini’s transformative agenda with South Africa’s industrial might would unlock “a new era of regional competitiveness and prosperity.”

Acknowledging the practical realities of business, he added, “We know that businesses want to make money and use it, hence our policies that allow one to move profits. So, we can prosper together.

” Quoting Jamie Buckingham, Dlamini reflected on the audacity of Eswatini’s vision: “Eswatini is attempting something so big, that unless God intervenes, it is bound to fail.

” He ended with a stirring call for African unity: “It is time that Africa embraces its own worth together, for Africa’s future is so bright that not even the vilest of evil can dim it.”