BY MBONO MDLULI
MBABANE – His Majesty King Mswati III has put Eswatini on a lucrative investment deal of E44.81 billion.
The King has put Eswatini in this deal because of his participation in the recently-concluded Korea-Africa Summit, which took place from June 4 to June 5, 2024. During this summit, the Government of the Republic of Korea (also known as South Korea) revealed that it had some funds that it would commit to the African continent for its development.
The two leaders share a brief moment soon after the shoot while Inkhosikati and the first lady look on.
South Korea’s President Yoon Suk Yeol announced that his country would donate an amount of US$10 billion (about E184.1 billion) to help all the African countries to develop their social welfare and economic development programmes. President Yoon Suk Yeol further mentioned that there was an additional US$14 billion (about E257.74 billion) to be given to South Korean business people who would want to invest on the African continent.
His Majesty the King also talked about this opportunity, stating that there would be donations of US$10 billion and a further US$14 billion for the business people from South Korea, who would want to invest in Africa. This arrangement also affects Eswatini, which is part of the African continent. This opportunity could mean more investments coming to Eswatini, courtesy the incentives announced by the South Korean Government.
Minister of foreign Affairs Pholile Shakantu pictured with some members of the King’s delegation Senator Prince Ngangabani, Chief Msundvuka, Senator Sigombeni Dlamini and Private Secretary Mbongeni Simelane.
The King and his delegation did not only attend the summit, but they also took time to remind South Korean business people that Eswatini was open for business. The business people of that country were encouraged to open businesses in Eswatini. Included in His Majesty’s delegation was Minister of Commerce, Industry and Trade Manqoba Khumalo, Minister of Information, Communication and Technology (ICT) Savannah Maziya, Minister of Foreign Affairs and International Cooperation Pholile Shakantu.
The event was held for the first time since the Republic of Korea (South Korea) was founded. Themed “The Future We Make Together: Shared Growth, Sustainability, and Solidarity,” the summit aimed to elevate cooperation between Korea and Africa, by bringing together heads of state and international organisations in Africa and key figures from Korean government communities, including South Korean President Yoon Suk Yeol.
The Summit aspired to discuss collaborative solutions to promote collective strength and solidarity for sustainable development, with a focus on tackling global challenges such as climate change, food security, supply chain stability, and health security.
Africa is a huge consumer market, with a population of 1.4 billion and a GDP of $3.4 trillion (about E62.4 trillion), but South Korea’s trade with Africa accounts for only 1.9 percent of total trade. South Korea has plans to further strengthen economic cooperation with Africa, starting with the recently-concluded Kore-Africa Summit.
