ROME, ITALY: His Majesty the King has expressed the country’s full preparedness to receive more investors from Italy and that they would receive the cooperation they need to set up shop.
Speaking to several companies that had paid him a courtesy call after an Eswatini-hosted business forum yesterday, the king expressed his appreciation to each of the companies that set aside time to attend the seminar.
He said while they have identified the possible ventures, this should not limit their investment as the country is fertile for a wide range of investments, from beneficiation of our raw materials to the manufacture of vehicle components.
He commended emaSwati who had played a role in identifying partnerships with potential investors in the various sectors, which he described as key for both the economic development and return on investment for the companies, as well as attainment of the first world status goal.
One of these areas is energy, and he shared that Eswatini, being dependent on South Africa for power supply, urgently needs to become self-sufficient in energy. His Majesty also highlighted the significance of the World Food Forum (WFF) at the FAO headquarters, saying Eswatini and the global community have a goal to become food-self-sufficient.
He invited the experts of the various companies that had attended the business seminar to help the kingdom shape its future, not only in agriculture but in ICT, commerce and many other areas.”
“We appreciate your participation at the business forum and we hope the message was well received and understood, so that you will become part of the solution of what we are trying to do in Eswatini,” urged the king.
The businesspeople who met the king included energy producers, project management consultants, vehicle engine manufacturers and a marketing and relations company, among others.
One of these companies, Studio Pietrangeli, boasts of consulting engineering work for the biggest dam in Africa built in Ethiopia, which is one of 52 dams it has been involved in over the past 100 years, none of which have ever reported a problem. Locally, it has involvement in the construction of the Maguga HPP expansion, raising of Hawane Dam, Nondvo Dam, Ethemba Dam, Mpakeni Dam and Irrigation Scheme.
Another company, Synfast Power Italy, MSQ Eswatini and MADA Energy Consortium, has put forward a proposal to develop two 25 Megawatt renewable power generation plants in Eswatini, an investment of about E2.4 billion at current exchange value. It seeks to use the country’s sugarcane and woodchip waste to generate power.
NEXT Relations Company has shown interest in marketing the country as well as highlighting investment opportunities in the sports sector.
Italian investors who are currently doing business in Eswatini have given the kingdom a high rate of approval for ease of doing business.
Accolades ranged from being a country with the friendliest people to being an investor paradise, brimming with endless opportunities and having seamless cross-border facilities and hurdle-free financial transactions.
These testimonials were shared by directors of two companies during a business seminar hosted by the Eswatini Investment Promotion Authority (EIPA) to woo potential investors.
It was led by Commerce, Trade and Industry Minister Manqoba Khumalo, who was joined by the Minister for Foreign Affairs and International Cooperation Pholile Shakantu, the Minister for Agriculture Mandla Tshawuka, the High Commissioner to the United Kingdom Thandazile Mbuyisa, the Eswatini Ambassador to Geneva Vuyile Dlamini and EIPA CEO Sibane Mngomezulu.
First to share the Eswatini experience through its owner and General Director Giorgio Pietrangeli, was Studio Pietrangeli, which has an engineering consultancy footprint on six local projects, namely the Maguga HPP expansion; raising of Hawane Dam; Nondvo Dam; Ethemba Dam; and Mpakeni Dam and Irrigation Scheme.
“While working on these projects, I was pleasantly surprised to learn how things move quickly in Eswatini and who could meet our obligations well on time. In fact, our projects moved faster than in any other country we have worked in,” said Pietrangeli.
He said he had been in the country for more than six years, describing it as a good country, which they are very happy to be in.
Also testifying was Andrey Turi, the chairman and chief executive officer (CEO) of the TURI Group, which specialises in interior designs and produces and supplies furniture to private and government projects globally. It is doing some work at the International Convention Centre (ICC) in Ezulwini.
Turi stated that Eswatini is a significant market where he has undertaken various projects over the past 20 years. He said the country has huge potential and is the go-to place for investment.
“Moving goods in Africa can be quite complicated, but Eswatini is a paradise. It has export options through the Mozambique ports; goods can be moved by train and within a maximum of 50 days you have your goods delivered.”
“We do not experience any challenges regarding exchange controls and payments as the country has a well-developed financial sector and systems. It is probably easier than in Italy,” he said to much applause from the local delegation.
When asked what advice he could give to fellow countrymen and potential investors, Turi urged them to seriously consider Eswatini, which has made him feel part of the people whom he now considers brothers and sisters. He said emaSwati are very cooperative and always ready to assist.
“Secondly, Eswatini is safe. Security is important for an investor and one can walk in the cities at night and nothing happens to you. Stability, in my opinion, is what drew the Americans to construct a sizable US embassy. It is one of the biggest in Africa because of the confidence in the country’s stability,” he testified.
Turi added that it is easy to open a company and the country is well developed comparatively, serving as a home to one of the biggest producers of sugar but less by products, which is an investment opportunity.
“The climate is also good for wine production. They have mines, which offer the possibility of by-products or value addition. Access to ministers is easy and land, which is under His Majesty the King, is available at a very low cost. Everything works there. It has potential for tourism with the Big Five,” he shared.
Turi also highlighted the availability of an international airport and good road infrastructure, such as the Manzini-Mbhadlane Highway that has just been completed. “Workers are also easy to find and they love to work for international companies. Communication is easy as everybody speaks English in Eswatini,” he said.
Also sharing his experience with the country at the business forum was the Italian Honorary Consular to Eswatini Napolitano Francisco, who recounted his 40-year history with the country from the time of King Sobhuza II to whom he first presented credentials.
He attested to the friendly character of the Eswatini, saying Italian investors would be well received.
EIPA CEO Mngomezulu then shared an overview of the investment climate and opportunities that currently exist in the country.
