BY BANELE MAGONGO
MBABANE– The Eswatini Investment Promotion Authority (EIPA) extends an invitation to local businesses to harness the full potential of the African Growth and Opportunity Act (AGOA).
The invitation follows Eswatini’s retention Eswatini’s eligibility in the AGOA programme by the Government of the United States of America (USA), as it was announced last week by Minister for Commerce, Industry and Trade Manqoba Khumalo.
EIPA Chief Executive Officer (CEO) Sibani Mngomezulu, in a statement issued by the organisation, lauded the Eswatini Government and the Ministry of Commerce, Industry and Trade for their diligent efforts in cultivating a conducive business climate, reaffirming the country’s dedication to remaining competitive on the global stage. With the successful retention of Eswatini’s AGOA eligibility, local businesses can continue to enjoy the lucrative benefits of preferential trade terms when dealing with the US market, a development that serves as a springboard for an expansion of exports, according to Mngomezulu.
Mngomezulu stated that export trade from Eswatini through AGOA was largely dominated by the export of sugar followed by textiles and apparel, nuts and processed food stuff, handcraft and cosmetics. Some of the more recent training opportunities EIPA has made available through support from its partners include a recent collaboration with the USAID Africa Trade and Investment Southern Africa Buy-in Activity where Export Readiness Training targeting local domestic traders and aspiring exporting MSMEs was hosted.
Under the mantle of EIPA, an intensive training program offered to local traders to bolster their knowledge and technical expertise in exports to the US. Delving into a myriad of topics, the training program covers the ins-and-outs of exporting handcraft, cosmetics, and food and beverages, exploring import requirements, as well as e-commerce platforms such as Amazon.com. Further delving into product development, export standards, logistics, finance, and digital marketing, the program equips participants with the necessary tools to navigate the US market with confidence.
The CEO highlighted the strategic importance of harnessing the full potential of Eswatini’s Micro, Small, and Medium Enterprises (MSMEs), particularly in the export sector. Recognising that of the 50 000 MSMEs operating in the country, less than 200 are currently engaged in exports, Mngomezulu emphasised the urgent need to expand this number, advocating for a resolute drive towards achieving a more export-oriented, private sector-led economy. EIPA has facilitated extensive training sessions in conjunction with key stakeholders, such as financial service institutions and industrial financiers.
Spearheading the nation’s economic development agenda, the CEO urged local businesses to fully harness the benefits of AGOA, offering a supportive platform for businesses seeking to enter the export market.
Mngomezulu reiterated that business looking to capitalise on AGOA should undertake extensive research on their target market, ensuring the relevance and competitiveness of their goods. Emphasising the potential for Eswatini to expand its reach in the global marketplace, the CEO conveyed a resolute message that now is the time to strengthen the country’s foothold in international trade.
