BY BANELE MAGONGO
MBABANE – Eswatini is set to formally establish trade relations with India.
To implement these trade relations, a strategic roadmap is being developed to tap into the untapped potential of the current trade agreement and bolster exports from Eswatini to India.
This transpired today (April 23, 2024) in a meeting of Eswatini Investment Promotion Authority (EIPA) with the Indian High Commission, aimed at looking for new ways of enhancing trade activity between Eswatini and India. EIPA CEO Sibani Mngomezulu and Indian High Commissioner N. Ram Prased participated in the meeting today at EIPA offices.
It is stated that Eswatini’s Balance of Payments currently shows an adverse trade balance between the two countries. This holds an opportunity for both nations to further strengthen trade relations through the increase of exports from Eswatini. Eswatini also has ‘Most Favoured Nation’ status with India which can be used to drive further engagement in business and the exchange of skills between both India and Eswatini.
According to information gathered by this publication, a strategy to enhance exports from Eswatini to India will be formulated and put in place to create opportunities for local business to start enjoying the full benefits of the current trade agreement that Eswatini currently has in place with India. A Joint Trade Committee will be put together to look at ways of enhancing opportunities with regards to trade and to drive economic activity between the two countries.
EIPA will also have access to Invest India, the Indian trade and investment promotion agency, for benchmarking purposes. EIPA will get to engage its Indian counterpart on capacity building on a number of issues involving trade and investment promotion. The need to gain the correct skills to drive Eswatini’s economy was also discussed. The Indian High Commission also provides opportunities for students to have education and training opportunities in tech as a key sector in growing the economy of Eswatini.
