E600m factory to create 200 jobs at Nokwane

ABOUT 200 jobs are set to be created as Eswatini Quantum Works (Pty) Ltd invests more than E600 million in a new manufacturing factory to be built at Nokwane.

The company originating from Turkmenistan will produce aluminium cables and copper cables for the export market.

Minister of Commerce, Industry and Trade Manqoba Khumalo joined stakeholders to commission the project which is under the Special Economic Zone (SEZ) at the Royal Science and Technology Park (RSTP) yesterday.

This is a significant milestone in the country’s ongoing efforts to attract meaningful foreign direct investment (FDI).

The investment by Aydyn Gijeler of Turkmenistan sends a strong signal of the country’s readiness to host a diverse range of investments and reinforces confidence in the country as an attractive investment destination.

Khumalo said the day was for handing over the construction site that will be used to erect a manufacturing building for the investing company Quantum Works with a parent company, Aydyn Gijeler, in Turkmenistan.

He said it was a result of the work initiated by His Majesty King Mswati III in Turkmenistan in 2024.

After several engagements, the minister said he was pleased that the first project was being launched for Phase 1 construction of their multi-phased projects.

He also said they would introduce more projects by the company in the country.

He acknowledged the role of Steffanutti Stocks, which will undertake the construction of the facility and help bring this important investment to fruition.

The commissioning of the project will not only facilitate foreign currency inflows and technology transfer, but will also create employment opportunities for Emaswati and contribute to the diversification of the manufacturing sector.

The anticipated economic spillover effects are expected to strengthen local enterprise development and support broader industrial growth.

Importantly, this investment further deepens the growing relationship between Eswatini and Turkmenistan, paving the way for enhanced economic cooperation between the two nations.

“Today also marks the commencement of preparatory works on site, where a manufacturing facility will be established on approximately eight hectares of allocated land.

The facility will initially produce aluminium cables, copper cables and street lights, with plans to progressively expand its manufacturing capabilities to take advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA) and the wider African export market,” said Khumalo.

The project will contribute to the country’s job creation strategy primarily driven by the Eswatini Government Programme of Action (PoA) 2024-2029 and the revised National MSME Policy 2024-2029.

The nation’s recovery and acceleration framework targets a 12% exponential economic growth by 2029 and emphasises digitalisation, private sector development and human capital investment.

The country’s actionable plan for job creation focuses on key pillars, including private sector and micro, small and medium enterprises (MSMEs) growth.

The revised MSME policy creates a business-enabling environment that targets the creation of over 20 000 new jobs.

“Key initiatives include the Youth Enterprise Revolving Fund, which offers collateral-free loans of up to E200 000 for young entrepreneurs, and efforts to shift from primary production to higher-value-added industries in agriculture and manufacturing,” reads the policy.