In a powerful reflection on the nation’s economic trajectory, His Majesty King Mswati III has lauded Eswatini’s transformation from a fledgling economy into a competitive regional player.
Speaking during his birthday celebrations at Somhlolo National Stadium, the King revealed that the national Gross Domestic Product (GDP) has surged from approximately E1.4 billion at the time of his coronation to over E95 billion today.
His Majesty attributed this exponential growth to a unique consultative culture and collective determination, citing the National Development Strategy (NDS) as the compass that continues to guide the Kingdom toward its First World ambitions.
A standout revelation in the King’s address was the dominant role of the manufacturing sector, which now accounts for approximately 40% of the national GDP. This industrial strength is underpinned by robust growth in agro-processing, textiles, sugar production, and forestry.
“The establishment of industrial estates has been attracted many enterprises, positioning Eswatini as a competitive investment destination,” said the king.
He noted that the strategic establishment of industrial estates has been a game-changer, successfully attracting diverse enterprises and positioning Eswatini as a highly competitive investment destination within the SADC region.
He extended high praise to the business community for consistently carrying the weight of the nation’s economic aspirations.
The Monarch highlighted several key financial pillars that have been instrumental in driving domestic empowerment and poverty reduction.
He noted the Regional Development Fund (RDF)’s impact. Over E1.4 billion has been disbursed in non-refundable support, directly impacting community-level development. His Majesty further highlighted FINCORP as another driver of economic development with the institution having extended over E10 billion in loans, providing much-needed liquidity to entrepreneurs and businesses across the country.
“We equally appreciate the impact of partner- funded initiatives and the remarkable growth of Cooperative schemes, whose assets now exceed E3 billion.”
Despite the celebratory tone of the remarkable progress achieved, His Majesty remained grounded regarding the hurdles that remain. He acknowledged that challenges such as access to resources and the equitable distribution of economic benefits persist.
Recommitting the government to a policy of inclusivity, the King emphasized that the next phase of the journey must ensure that “no one is left behind.” This call to action serves as a mandate for both the public and private sectors to ensure that the E95 billion economy translates into tangible prosperity for every citizen in the Kingdom.