Mbabane: Minister of Commerce, Industry and Trade Senator Manqoba Khumalo has dismissed reports that have been circulating on social media purporting that government is introducing a new law against foreign owned businesses in the Kingdom.
The reports alleged that effective October 1, 2020, Government will not renew licenses for Foreign Direct Investments (FDIs) and all businesses will be 100 per cent reserved for Emaswati.
Through a Ministerial statement issued on Monday, Khumalo says there is no such a law existing in the Kingdom, neither is there any move within the Parliament or elsewhere to introduce such a piece of legislation. Minister Khumalo said while it is true that certain businesses are reserved for Emaswati in terms of the Reservation of Certain Trades or Businesses for Swazi citizens, Regulations, 2017, it is equally true that Eswatini encourages Foreign Direct Investments hence the country’s intensive investment drive across the globe. “No new law has been passed since then to suggest otherwise” reads the statement.
Khumalo added that the government of Eswatini remains committed in creating an environment that is conducive for business growth in the Kingdom for both Emaswati owned businesses and FDIs.
Minister Khumalo said the government warn the perpetrators of such fake news to desist from doing such as this is not only detrimental to the Kingdom’s economic turnaround efforts but has the potential to affect every Liswati in the long run.
Khumalo further reiterated that the government’s position that Eswatini remains opened for Business in line with the country’s economic recovery strategy enshrined in the Strategic Road-map 2019-2022 and the Post COVID-19 Economic Recovery Plan.