The Minister of Commerce, Industry and Trade, Manqoba Khumalo, has officially appointed a new Board of Directors for the Eswatini Investment Promotion Authority (EIPA), naming private sector heavyweight Muzi Siyaya as the Chairperson.
The appointment, announced Monday at the EIPA headquarters, comes at a critical juncture for Eswatini’s economy as the government intensifies its focus on Foreign Direct Investment (FDI) and large-scale employment creation.
Speaking during the press briefing, Khumalo emphasized that the new leadership is expected to be a catalyst for industrial growth. EIPA, established under the Investment Promotion Act of 1998, serves as the primary engine for attracting and facilitating both domestic and international capital.
“These appointments have been made with careful consideration of professional competencies, leadership experience, and the strategic needs of EIPA at this critical stage of our economic trajectory,” the Minister stated. He further noted that the board is tasked with improving the ease of doing business and unlocking new growth sectors to deliver measurable impact for Emaswati.
The Minister highlighted significant structural changes aimed at empowering the Authority. He noted that the board is expected to provide oversight, strengthen corporate governance, and guide the organization in executing its mandate with efficiency and accountability.
“I have a high expectation around this institution; this must be the premium organization that government owns in the country,” said Khumalo. “We have done a lot of work to liberate this organization from government as much as possible. This has involved moving most of the assets—specifically factory shells—from government to being held directly under EIPA.”
The Minister explained that this move addresses previous limitations on EIPA’s autonomy. Furthermore, government is currently reviewing the national investment policy to ensure it is “best in class,” which will subsequently inform a revision of the 1998 Act.
Minister Khumalo further spoke about the economic challenges facing the nation, stating that private sector job creation remains the single most important factor in changing the country’s fortunes.
“It’s been clear that the rate at which we are creating jobs in the private sector is not adequate to meet the demand,” Khumalo noted. “The mandate of this board is to ensure acceleration. This will include the establishment of industrial parks, as mentioned by His Majesty during the opening of Parliament.”
Accepting the appointment, Muzi Siyaya thanked the Minister for the trust and confidence bestowed upon the new board.
“Minister, we accept this responsibility with humility and with a firm commitment to supporting government’s vision for economic growth, investment promotion, and job creation,” Siyaya said.
He acknowledged the additional challenge set by the Ministry to facilitate businesses with a billion-emalangeni turnover annually, noting that EIPA occupies a vital position in the general facilitation of business within Eswatini.
The Newly Appointed EIPA Board:
- Chairperson: Mr. Muzi Siyaya – A finance veteran holding an MSc in Finance and Banking, representing the Private Sector.
- Ms. Mbali Sibanyoni – Representing the Private Sector, bringing a Master of Business Administration (MBA) to the table.
- Mr. Henry Mndvwe – Representing the Ministry of Agriculture, holding an MA in Economic Policy Management.
- Mr. Sifiso Khumalo – Representing the Ministry of Finance, with an MSc in Agricultural and Applied Economics.
- Mr. Kingdom Mamba – Representing the Ministry of Labour and Social Security, with a BA in Public Administration and Political Science.
- Mr. Albert Chibi – Representing the Ministry of Commerce, Industry and Trade.
- Ms. Lungile Mndzebele-Dladla – Representing the Ministry of Economic Planning, holding an MSc in Development Policy Planning and Process.
The transition follows the conclusion of the tenure of six former board members. The incoming team faces the immediate challenge of positioning Eswatini as a competitive destination in a crowded regional market, particularly as the country seeks to leverage trade agreements and attract high-value investments.
Minister Khumalo concluded by expressing confidence in the board’s ability to uphold corporate governance and accountability. “We are confident that they will discharge their duties with diligence and integrity,” he said, wishing the members success in their new roles.