BY MBONO MDLULI
MBABANE – Parastatals have been identified as organisations that will be used by Government to accelerate economic growth in the next five years in the country.
Unpacking its 2023 to 2028 Policy Statement today (Monday, October 14, 2024), Government has identified its State-Owned Entreprises (SOEs) as organisations that have a role to play, as the administration wants to achieve the economic growth rate of 12 percent within the next five years.
“Government State Owned Entities will play a critical role and will be strengthened and closely monitored to be actively involved in the execution of the economic policy. The overall policy agenda is designed to be export-oriented and catalysed by active private sector participation to unlock Foreign Direct Investment,” said part of the statement.
The economic policy of the Kingdom of Eswatini is firmly informed by reliable data and strong aspirations of the people of Eswatini. It is a departure from conventional strategies. A progressive investment and industrialisation policy framework targeting an average economic growth rate of 12 percent within the next five years shall be developed and implemented.
This ambitious target, according to the statement, will be achieved through a Government-led longterm transformation agenda of the economy promoting industrialisation and supporting mega investments and growth in key sectors such as infrastructure, agriculture, manufacturing, and services.
Dedicated support for Micro, Small and Medium Enterprises (MSMEs) will contribute toward economic growth. Measures will be put in place in collaboration with the private sector to provide financial and non-financial assistance for MSMEs. The role played by innovation and technology in supporting small and large enterprises and ultimately their contribution to the economy will be harnessed, according to the statement.
According to Government, this will be encouraged and supported through establishment of the innovation and technology start up centres and continued support of the Special Economic Zones (SEZs). Restrictions to economic growth and a business-ready environment will be continuously identified and eliminated. Key to this is change in Policy and Legislation to reflect Government’s ambitious agenda of harnessing FDI through a conducive business ready environment.
Government will not be a passive enabler of the business environment. Instead, Government will be an active enabler leading in developing viable business concepts, securing partnerships with global players and innovative financing models. Government will deliberately and proactively invest to stimulate and grow the economy through infrastructure and establish a sovereign wealth fund through which to fund development economic growth.
