BY MBONO MDLULI
MBABANE – In an effort to enhance trade and development between Eswatini and Zambia, Eswatini Investment Promotion Authority (EIPA) and Zambia Development Agency (ZDA) have signed a Memorandum of Understanding (MoU).
According to a statement issued by EIPA, the MoU is aimed at establishing a practical framework for the development of stronger business relations between the two countries, and to create opportunities for cooperation for the expansion of investment and trade relations between Eswatini and Zambia. This will also strengthen institutional relations and capacity building through mutual cooperation. The ZDA is Zambia’s economic development Agency with a multifaceted mandate of promoting and facilitating trade, investment and business development services in Zambia.
EIPA Chief Executive Officer (CEO) Sibani Mngomezulu was pleased with the development. He said this agreement would allow them to continue to work towards EIPA’s mandate, which was to attract, encourage and facilitate both local and foreign trade and investment in Eswatini. Mngomezulu said EIPA, guided by the Ministry of Commerce, Industry and Trade, was currently in the final stages of the launching the new Investment Policy as well as completing the amendment of the new EIPA Act of 1998.
“These two documents will also support the establishment a one stop service facility where investors will get to enjoy a suite of services including permit applications, trading licenses and others under one roof. These developments require us to build strategic partnerships with key stakeholders to gain the support and expertise needed to ensure their successful implementation into the local economy. This MoU with the ZDA is one such partnership,” Mngomezulu said.
The document would form the basis of a relationship between EIPA and the ZDA, which would see both parties undertake to cooperate in a number of areas. The first of these was Investment and Trade Promotion and facilitation, where the ZDA would assist Eswatini with increasing Zambian investment in Eswatini and vice versa. This would include outward and inward Foreign Direct Investments (FDIs) between both countries, which would be stimulated as a result of the new MoU.
The objectives also included undertaking Trade and investment missions into one another’s countries, increasing the volume and value of Trade between the countries and encouraging tourism. The ZDA has also shown interest in taking part in the Eswatini International Trade Fair in 2025.
The MoU would also allow for an information exchange between EIPA and the ZDA, which would endeavor to create an exchange of information on trade and investments, rules, incentives, policies, regulations and investment opportunities as well as allowing for joint research activities to facilitate trade and investment. The sharing of information and research would also allow for collaboration and Exchange Programs including the exchange of technical expertise, knowledge and training on opportunities in trade and investment promotion and facilitation, investor aftercare and policy advocacy. This would include encouraging linkages for export between both markets as well as encouraging partnerships between SMEs from both countries.
Mngomezulu concluded by saying, “This MoU will allow us to enjoy a number of benefits in partnership with the ZDA. The aim is to make opportunities available for businesses in Eswatini for export, skills exchanges and partnerships all for Economic Development in Eswatini for the good of all citizens.”
