Mbabane- Eswatini could unlock new opportunities for economic growth and employment creation by considering a carefully regulated Citizenship-by-Investment framework targeted at investors willing to commit substantial capital to productive sectors of the economy.
Zimbabwean businessman and Mitrick Global Chief Executive Officer Ambassador Enock Mangirande said the Kingdom should explore investment policies that make it easier and faster for credible investors to establish businesses, while ensuring that such investments translate into jobs and skills development for emaSwati.
Mangirande pointed to Rwanda as an example of an African country that has deliberately positioned itself as an attractive investment destination through streamlined processes and incentives for investors.
He said Eswatini could draw lessons from such models and develop an approach suited to its own economic circumstances.
“Let’s have investor policies, investor good policies in Africa,” Mangirande said.
He argued that investors were often discouraged by lengthy administrative processes, particularly when they are ready to commit capital but are required to wait weeks or months before their companies can be registered and operational.
According to Mangirande, Eswatini could improve its competitiveness by simplifying the process for genuine investors, particularly those willing to invest in priority sectors.
He said special incentives could be considered for investments in areas such as information and communication technology, manufacturing, agriculture and agro-processing, tourism, renewable energy, mining beneficiation, infrastructure and housing.
Mangirande’s proposal comes at a time when Eswatini is seeking to attract more private investment to stimulate economic activity and address high unemployment.
The businessman said investment incentives should, however, not be designed simply to bring money into the country.
Instead, he proposed that any citizenship-linked investment programme should be structured around measurable economic benefits, including the creation of employment opportunities for emaSwati, transfer of skills, local procurement and the development of sustainable businesses.
The approach would mean that an investor seeking citizenship would have to demonstrate that the investment was capable of generating meaningful and lasting economic value.
This could include commitments relating to the number of jobs to be created, the participation of local companies, training of emaSwati workers and the extent to which the investment would contribute to expanding Eswatini’s productive capacity.
Mangirande said such a model could make citizenship an instrument for economic development rather than simply an immigration benefit.
Eswatini currently does not have a standardised Citizenship-by-Investment programme under which foreign investors automatically receive citizenship in exchange for meeting a prescribed investment threshold.
Foreign investors can instead pursue investment and residency arrangements, with citizenship subject to the country’s existing legal requirements.
Against this background, any move towards Citizenship-by-Investment would require careful consideration of the country’s laws, security requirements and national interests.
Mangirande said the benefits of an investment-focused approach could be significant if the country created an environment in which investors could move from an initial expression of interest to actual projects without unnecessary delays.
He cited Rwanda’s investment environment, saying the country’s efforts to streamline business registration and provide incentives to investors offered lessons for other African countries.
“Just imagine, you come here with six hours, ‘I have money, I want to invest,’ you want to invest in this sector, it’s a special economic zone, there’s little to no tax, let’s register your company now. Let’s do it,” he said.
He said political stability and good governance were also important components of an attractive investment environment.
Mangirande’s comments come against the backdrop of his proposed US$5 billion (about E82 billion) housing investment in Eswatini.
The proposed development, which is still subject to ongoing discussions and has not received final formal approvals, envisages large-scale housing projects in Manzini, Mbabane, Matsapha and Ezulwini.
He previously said the project would prioritise local participation and could create hundreds of direct and indirect employment opportunities.
The businessman said the pilot phase would involve the construction of 20 affordable houses, with more than 500 direct and indirect employment opportunities potentially being generated during the initial stage.
He has also expressed interest in the financial services sector, saying Mitrick Global was looking at modern banking and financial technology solutions aimed at improving cross-border transactions and financial inclusion.
Meanwhile, Mangirande has proposed that His Majesty King Mswati III consider extending his mandate as Special Envoy for Investment.
He said a strengthened investment diplomacy role could help Eswatini identify credible international investors, engage potential partners and facilitate investment opportunities aligned with the country’s development priorities.
Mangirande said Eswatini should therefore position itself as a destination where investors can access an efficient business environment while the country retains a clear focus on jobs, productive investment and economic transformation.
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