Eswatini Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in eswatini, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Opportunities
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The objective of the Government of Eswatini is to create an enabling environment in which emaSwati, investors & strategic partners and the broader private sector can thrive, as laid out in the Kingdom of Eswatini Strategic Roadmap: 2019 – 2022, which remains the most recent government strategic roadmap. and has indicated that non-strategic assets will be disposed, although no firm timeline has been given.  The strategic intent to create an enabling environment for business has been given impetus through engagement with business sector representatives. The Government of the Kingdom of Eswatini (GKoE) strategic road map 2019-2022 prioritizes opportunities in the following key growth sectors; Mining and Energy, Manufacturing and Agro Processing, Tourism, Agriculture, Education, and Information, Communications and Technology. U.S. companies successful in this market are characterized by regional focus as well as international sourcing of inputs.  To make investment more attractive, the GKoE is in the process of upgrading their investment incentives, including increasing the tax-free incentive from 10 to 20 years, and moving from brown field infrastructure to green field infrastructure.

Over the last few years, the government has taken steps to break up monopolies by withdrawing regulatory function from state owned companies and has established independent regulators in telecommunications, energy, financial services, civil aviation and transport sectors.

There is also substantial opportunity in developing water infrastructure as the GKoE is exploring three sites for dam construction.  In 2023, the Eswatini Water Agriculture Enterprise, a state-owned enterprise, with financing from the African Development Bank, awarded a US$130 million contract to construct a large dam in the rural south of the country.  In addition to water, there is opportunity in the energy sector as Eswatini’s contract with South Africa’s state-owned energy provider, ESKOM, expires in 2025.  Eswatini wants to become energy independent, and is interested in renewable energy.  This will allow entry for new players in the sugarcane, wood chips, hydro and solar generation space.

Development of agriculture under irrigation currently at 80000 HA is steady in its expansion for the purpose of transforming subsistence farming into commercial farming, with an emphasis on diversifying away from sugar cane. The change in production will demand new capital investment and a shift in farm inputs.  Although the specific crops to be planted on the land have not been announced, a shift to more citrus and vegetable crops is probable.  Suppliers of agriculture technologies, seeds, pesticides, transportation, and storage for these products could find opportunities for new sales.

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