His Majesty King Mswati III has urged the nation to deliberately build at least ten companies, each generating a minimum of E10 billion in annual turnover, a move intended to dramatically expand revenue streams and reduce reliance on external income sources.
Speaking during the official opening of Parliament, the King challenged both the government and the private sector to pursue large-scale, high-impact industries capable of transforming the Kingdom’s economic landscape.
“It is time we set deliberate targets, aiming for at least ten companies with a minimum annual turnover of E10 billion across different sectors,” he said.
The proposal is part of a broader strategy to diversify national income beyond Southern African Customs Union (SACU) receipts, which currently account for a substantial share of government revenue.
By cultivating multiple high-performing corporations across manufacturing, mining, tourism, energy, and agro-processing, Eswatini could generate billions in domestic revenue, potentially exceeding SACU inflows.
The King pointed to mega-projects already underway as proof that such ambitions are achievable. Among the flagship initiatives is a proposed E6 billion industrial park designed to attract investment and stimulate job creation. The project is expected to be developed in partnership with international investors, signaling growing confidence in the country’s investment climate.
He also touched on the International Convention Centre (ICC), which is set to operate commercially this year and is expected to contribute meaningfully to tourism revenues and business conferencing. In addition, major dam construction and the development of the Strategic Oil Reserve are expected to enhance economic resilience and infrastructure capacity.
In one of the speech’s more provocative moments, the King posed a question to the nation: what would it take to invest E8 billion in domestic resources into similarly viable projects?
Such investment, he emphasized, must target industries capable of generating at least three times the initial capital outlay, with profits reinvested locally to multiply economic impact.
This reflects a shift toward value-added and beneficiation, particularly in sectors such as mining and agriculture, where exporting raw materials limits revenue potential.
At the heart of the strategy is job creation. High-turnover companies would not only expand tax revenue but also create sustainable employment, reduce poverty, and stimulate auxiliary industries.
The King emphasized that industrial investments must be thoroughly researched to ensure long-term viability, competitiveness, and resilience in regional and global markets.
With Eswatini recently ranked among Africa’s top ten countries for business readiness in the World Bank’s B-Ready report, the timing may favour such ambition.
Structural Transformation
The vision of ten E10 billion-turnover companies signals a transition from incremental growth to structural transformation, where scale, productivity and export competitiveness drive national prosperity.
If realized, the strategy would significantly alter Eswatini’s economic composition, deepen industrial capacity, and strengthen fiscal independence.