Strengthening business ties with Eswatini opens door to $1.3b African market

Mentioning Bangladesh can reach the almost untapped African market worth $1.3 billion by expanding business ties in Eswatini (formerly Swaziland), Manqoba Khumalo, Minister for Commerce, Trade and Industry of Eswatini, called Bangladesh for strengthening business relations with his country.

He came up with this call at a discussion meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka on Tuesday. In the meeting, FBCCI called for setting up Eswatini High Commission in Dhaka.

“With its strategic geographic location, Eswatini acts as a gateway to the African continent. As the country is a member of the Southern African Development Community (SADC) and Southern African Customs Union (SACU), establishing business and investment relations with Eswatini would provide favourable market access to regional blocs in Africa,” the minister noted.

Highlighting tax and duty free facilities and other incentives for foreign investors, Khumalo informed that China and India are the two major exporters to Eswatini, while his government would like to see Bangladesh as another important trade and investment partner.

Bangladesh may treat Eswatini as a potential market for exporting readymade garments, agro products, ICT and electronic products in particular, he also stated.

Khumalo further said that the African country is interested in joint ventures as well. Eswatini’s funding and Bangladesh’s technology and experiences could be applied in the pharmaceutical industry, biotech,
contract farming and ICT.

Speaking at the meeting, FBCCI Senior Vice President and Acting President Mostofa Azad Chowdhury Babu proposed that an MoU can be inked between FBCCI and its counterpart in Eswatini to bolster bilateral trade and investment.

“Currently Bangladeshi people have to process visas from Malaysia, therefore, a high commission in Dhaka can be set up here,” he also said.

Mostofa Azad suggested arranging B2B meetings, webinars, and exchanging delegations to take the bilateral trade to a new height.

FBCCI Vice President Md Amin Helaly assured to provide all kinds of support from FBCCI to increase bilateral trade.

Earlier in the meeting, the potential of electronic product assembling and mutual tourism development were discussed.

Eswatini’s Under-Secretary of Ministry of Commerce, Industry and Trade Cebile Amanda Nhlabatsi, MSME Director MlulekiSakhile Dlamini, Senior Executive Manager of Eswatini Investment Promotion Authority Dr Khanyisiie Dlamini, representatives from Bangladeshi Business Community in Eswatini Mohammed Ashraful Alam Chowdhury, Badruzzaman Chowdhury, and Badral Alam Chowdhury were present in the meeting.

Among others, FBCCI Directors MGR Nasir Majumder, Hafez Harun, Md Aslam Serniabath, Md Naser, Abu Hossain Bhuiyan (Ranu), Mohammad Ali Khokon, Advisors Manzur Ahmed, and Brig Gen (retd) Abu Nayeem Md Shahidullah were also present in the meeting.

The meeting was conducted by FBCCI Secretary General Mohammad Mahfuzul Hoque.