Manzini- Foreign investment should strengthen Eswatini’s economy by introducing industries, technologies and expertise that do not already exist locally, rather than competing with citizen-owned businesses, Minister of Commerce, Industry and Trade Manqoba Khumalo has said.
Addressing entrepreneurs at the Manzini Regional Entrepreneur of the Year Awards, Khumalo said government remains committed to attracting investment but is shifting its focus towards investors who complement local enterprise instead of displacing it.
He said the proposed Citizens Economic Empowerment Act would provide the legal framework to ensure emaSwati participate more meaningfully in the economy by reserving selected sectors and opportunities for citizen-owned businesses.
“We love investors, but we want investors that will invest in things where we cannot invest. We love foreign skills, but we want foreigners who will bring skills that we do not already have,” Khumalo said.
The minister said the regulations underpinning the proposed law have already cleared the Attorney General’s Office and are expected to be presented to Cabinet before being taken to Parliament.
According to Khumalo, the legislation will introduce preferential procurement for Micro, Small and Medium Enterprises (MSMEs), while reserving certain sectors of the economy and commercial opportunities for citizens.
He said the reforms are intended to prevent local entrepreneurs from being crowded out in industries where they have the capacity to compete.
“If we don’t do that, then we become our own worst enemies as MSMEs,” he said.Khumalo described the Citizens Economic Empowerment Act as a key pillar of government’s efforts to expand citizen participation in economic activity, alongside the National MSME Policy for 2024–2029.
He said the objective is not to discourage foreign investment but to ensure it contributes to industrial development by creating new opportunities instead of competing directly with local businesses.
The minister urged entrepreneurs to position themselves to take advantage of the opportunities expected to arise once the legislation comes into force, saying government wants to see more locally owned businesses occupying commercial spaces and supplying both the public and private sectors.
He reiterated that MSMEs remain the backbone of Eswatini’s economy and said empowering them would be critical to achieving inclusive and sustainable economic growth.
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