SEVILLE, SPAIN – Eswatini’s Minister of Commerce, Industry and Trade, Manqoba Khumalo, has called for targeted international investment to help landlocked developing countries (LLDCs) overcome barriers to trade and development. He made the appeal during the Fourth International Conference on Financing and Development, held in Seville under the theme “Financing a New Decade of Development for LLDCs.”
Speaking at the global platform attended by ministers, development agencies, and investors, Khumalo raised concerns about falling financial support for LLDCs and called for a renewed commitment to equitable partnerships and innovation-driven development.
The minister cited declining Foreign Direct Investment (FDI), which stood at E462.5 billion (US$25 billion) in 2023, down from E666 billion (US$36 billion) in 2011. He also flagged a drop in Official Development Assistance (ODA), which fell from E704.85 billion (US$38.1 billion) in 2020 to E592 billion (US$32 billion) last year, with further declines expected.
Despite LLDCs making up 7% of the global population, Khumalo said they account for just 1.2% of global merchandise trade. High trade and transport costs—up to 74% higher than coastal neighbours—were named among the top barriers. Around one-third of LLDCs, he said, face a high risk of debt distress.
Turning to Eswatini’s national agenda, Khumalo said government is prioritising the mining sector to drive export growth and economic diversification. A national strategy has already been launched to explore mineral resources such as coal, gold, and quarry stone.
“By 2030, we aim to increase mining’s contribution to GDP through targeted investments in technology, faster licensing processes, and value-added processing plants,” he said.
Khumalo said this shift would reduce Eswatini’s reliance on agriculture and FMCG manufacturing, while creating thousands of jobs and boosting resilience. He invited foreign investors to take advantage of streamlined processes and new public-private partnership (PPP) models being extended to the mining sector.
The minister pointed to Eswatini’s previous success in attracting private capital for renewable energy projects and noted that similar incentives were now available for mining and infrastructure development.
On digital inclusion, Khumalo revealed that only 30% of Eswatini’s population currently has reliable internet access. He called for investment in digital infrastructure and youth skills training as key to unlocking entrepreneurship and innovation across LLDCs.
As the world prepares for the Third UN Conference on LLDCs, Khumalo urged delegates to adopt bold, practical solutions. He said Eswatini supports the APoA’s push for structural transformation and climate finance, and is ready to scale initiatives such as the Infrastructure Investment Finance Facility (IIFF).
Discussion about this post