TAIPEI, TAIWAN – Exports from Eswatini to Taiwan grew tenfold between 2019 and 2022, from E10.8 million to about E108 million, but they now look set to exceed this mark.
This follows the signing of an agreement with the Taiwanese government that paves the way for the development of a trading application that will facilitate fingertip connectivity between local businesses and their Taiwanese counterparts.
In addition, the application is expected to enhance the ease of doing business by incorporating a payment system for quick and easy sales transactions.
As part of this agreement, about 30 small and medium enterprises (SMEs) will receive training on the app and business development services to empower them to teach others, initially targeting those in the handicraft and angricultural processing industry.
The application, which is more like a mobile version of the “Buy Eswatini” digital business platform will be downloaded onto cellphones.
This initiative forms part of a cooperative agreement signed between Eswatini Investment Promotion Authority (EIPA) and its Taiwanese partner, the International Integrated Systems Incorporate (IISI), on Wednesday afternoon.
The Minister of Commerce, Industry and Trade, Manqoba Khumalo, described this development as a much-needed facility that would ease the payment processes that currently require a lot of paperwork through the financial institutions, including the Central Bank of Eswatini and foreign exchange processes.
“We look forward to the app integrating mobile payment systems such as Mobile Money (MoMo) and banking apps in order to change the way we do international business,” he said.
The minister acknowledged the challenge set by His Majesty the King when paying a courtesy call on Taiwan President Lai Ching-te to grow trade between the two countries.
“One way we intend to do so is by increasing our beef exports. We already laid the groundwork for this by bringing our beef to the annual food exhibition last year, and they loved it. What remains is for us as a country to increase our beef production capacity as the demand is high in this 23 million-populated country,” he said.
He said honey was also in demand in Taiwan and efforts are being made to look at increasing the production capacity.
The IISI, which specialises in various sectors such as e-commerce, banking, financial health care, smart cities and telecom networking, has a team of 1800 experts and it anticipates having the app up and running in the next few months.
The Vice President of IISI Andy Lee, stated that they have an international market division to expand their services beyond Taiwan, and they will now be working with Eswatini, although this will not be the first.
“We have done a few projects in Eswatini, which include setting up a call centre and ISM consultancy. Last month, we signed an agreement to facilitate the installation of 5G network infrastructure,” he said.
Through the new digitalization agreement, the Taiwanese government has agreed to share its development experience related to business digitalization to help the country strengthen its Business Digitalization Project, particularly for SMEs and empower the youth while addressing the challenge of youth unemployment.
In accordance with this agreement, the Ministry of Foreign Affairs of the Republic of China (Taiwan) will provide the necessary funds, which the Ministry of Economic Affairs and other relevant entities will use to support the implementation in Eswatini.
The assistance also includes the submission of Eswatini’s digital business environment analysis report, strengthening Eswatini’s digital business platform, capacity building and assisting in the implementation of digital business services.
The main objectives spelled out in the agreement are: to establish a mobile version of the “Buy Eswatini” digital business platform based on the existing web version; to train youth with IT backgrounds to serve as seed teachers for business digitalization.; and to facilitate youth and SMEs in leveraging this digital platform to upgrade their business models.
The Government of Eswatini, through the Ministry of Commerce, Industry, and Trade, the EIPA, and relevant authorities, agreed to provide necessary support for implementing this project, including but not limited to conducting stakeholder interviews and organising seminars.
