Eswatini has secured its first major investor for the Taiwan-backed Industrial and Innovation Park, with Texray Group signing a Letter of Intent just days after announcing plans to invest up to US$80 million in the country.
The development marks a decisive shift from investment signalling to formal commitment under the Taiwan Industrial and Innovation Programme (TIIP), reinforcing growing confidence by Taiwanese firms in Eswatini’s industrial potential.
Earlier this week, Texray Chairman Ray Lin revealed during the Taiwan-Eswatini Investment Workshop that the company was preparing to inject between US$50 million and US$80 million into the local economy through the establishment of a headquarters and five manufacturing facilities spanning textiles, printing, and embroidery among others.
Saturday’s signing of the Letter of Intent now represents the first concrete step toward realising that vision. The agreement, signed during a high-level visit by a delegation from Taiwan at the Royal Science and Technology Park, signals growing investor confidence in Eswatini’s manufacturing sector and positions the project as a viable destination for foreign direct investment.
Minister of Commerce, Industry and Trade Manqoba Khumalo described the development as a breakthrough moment, noting that the entry of Texray provides early validation of the Park’s long-term economic potential.
“This is a strong signal that Eswatini is ready for investment and capable of hosting globally competitive industries,” Khumalo said. “The participation of Texray Group sets the tone for what we expect will be a wave of investors following this initial commitment.”
The Taiwan Industrial and Innovation Park is a flagship initiative under the long-standing diplomatic and economic partnership between Eswatini and Taiwan. The project is designed to drive industrial growth, diversify the economy beyond traditional sectors, and create employment opportunities through the attraction of high-value manufacturing enterprises.
Texray Group’s planned investment, while still at the intent stage, lays the foundation for further negotiations and eventual project implementation. Such early commitments are critical in building momentum and credibility for large-scale industrial developments.
Government has reiterated its commitment to supporting investors through a coordinated institutional framework, with the Eswatini Investment Promotion Authority expected to play a central role in facilitating the investment process.
“We are moving from engagement to execution,” Khumalo said, adding that the government is focused on ensuring that investors experience a seamless transition from entry to operation.
The development follows sustained engagement between Eswatini authorities and Taiwanese investors, with officials now beginning to see tangible results from years of diplomatic and economic cooperation.
Beyond capital inflows, the investment is expected to unlock broader economic benefits, including skills development, technology transfer, and the strengthening of local supply chains. It also aligns with Eswatini’s strategic objective to expand into non-traditional sectors and enhance its competitiveness in regional and global markets.