By Phiwa Sikhondze
In a significant step towards fostering stronger economic ties, the Eswatini Investment Promotion Authority (EIPA) has signed a Memorandum of Understanding (MoU) with the Zambia Development Agency (ZDA).
The agreement, inked at the ZDA offices in Lusaka on 14 November 2024, is aimed at establishing a practical framework for the development of stronger business relations between the two countries and creating opportunities for cooperation for the expansion of investment and trade relations between Eswatini and Zambia.
The ZDA is Zambia’s economic development Agency with a multifaceted mandate of promoting and facilitating trade, investment, and business development services in Zambia.
The MoU outlines a strategic collaboration to enhance institutional relations, capacity building, and cooperation in promoting investment and trade. This partnership aligns with the mandates of both organizations—EIPA’s focus on attracting local and foreign investments in Eswatini and ZDA’s role in promoting trade and economic development in Zambia.
Speaking on the partnership, EIPA CEO, Sibani Mngomezulu, expressed optimism about the agreement’s potential.
“We are pleased to have signed an MoU with the Zambia Development Agency. Such agreements allow us to continue working towards EIPA’s mandate of facilitating both local and foreign trade and investment in Eswatini. This partnership will not only enhance our institutional capacity but also support key initiatives such as the new Investment Policy and the amended EIPA Act of 1998, which aim to establish a one-stop service facility for investors.”
The new partnership will also support the establishment of a one-stop service facility where investors will get to enjoy a suite of services including permit applications, trading licenses, and others under one roof.
Mngomezulu emphasized that these developments require strategic partnerships with key stakeholders to gain the support and expertise needed to ensure their successful implementation into the local economy.
The MoU sets the stage for cooperation in several critical areas. These include investment and trade promotion, where both agencies will work to stimulate Foreign Direct Investments (FDIs) between Eswatini and Zambia.
This involves facilitating trade and investment missions, increasing the volume and value of trade, and promoting tourism opportunities between the two countries. Notably, the ZDA has expressed interest in participating in the Eswatini International Trade Fair in 2025.
Another key aspect of the agreement is the exchange of information on trade regulations, investment incentives, policies, and opportunities. This includes joint research efforts to better understand market dynamics and promote investments.
Furthermore, EIPA and ZDA will collaborate on training programs, technical exchanges, and policy advocacy. This includes fostering partnerships between small and medium enterprises (SMEs) in both countries and enhancing export linkages.