ESWATINI Investment Promotion Authority (EIPA) says it is deliberately targeting investors who will contribute to the country’s long-term economic development rather than those seeking to exploit opportunities or take shortcuts.
Speaking during the 5 Questions, EIPA Chief Executive Officer Sibani Mngomezulu said the authority was selective when identifying potential investors, stressing that they did not want to bring into the country businesses that had been rejected elsewhere for failing to meet legal or regulatory requirements.
Mngomezulu said investors were expected to respect the country’s labour laws while growing their businesses and creating meaningful employment opportunities for locals.
He said EIPA’s priority was to see local employees progress within companies, eventually occupying senior and leadership positions rather than remaining in junior positions for years.
“We want the company to be a home as opposed to just being a workplace or a launchpad to other things,” Mngomezulu said.
He explained that EIPA was particularly interested in investors who would leave a positive footprint in the country and contribute to the development of communities and the economy.
The CEO warned against investors who sought to pollute the country or circumvent regulations in pursuit of quick profits, saying such businesses were not aligned with Eswatini’s investment aspirations.
He however, acknowledged that there had been instances where investors who did not fully comply with the country’s laws had been brought into the country.
“Mistakes are made,” he said, adding that EIPA deals with such investors when cases of non-compliance are identified.
Despite these challenges, Mngomezulu said the authority had witnessed encouraging successes, with businesses entering the country, expanding their operations and creating opportunities for locals. He said one of the clearest signs of success was seeing locals gradually move into leadership positions within companies that had invested in the country.
According to Mngomezulu, this demonstrated that investment should not only be measured by the amount of capital brought into the country, but also by the opportunities created for citizens to develop their skills and careers.
He encouraged locals to take advantage of these opportunities by continuously improving themselves through education, further studies and gaining exposure. Mngomezulu said acquiring knowledge and experience would enable people to compete for better positions and improve their livelihoods.
He urged citizens to strive for personal growth, saying professional development could ultimately help families achieve better living standards.
