Foreword
The global economic depression continued during 2011 and once again, as a small developing country, Swaziland felt its impact, particularly given the situation in the Euro-zone, one of our major export markets. Despite this, we were able to achieve small economic growth to an estimated 2% for 2010 against 1.2% the previous year. However, we may see reduced growth for 2011/12.
Notwithstanding the volatile world situation, there were positive developments at home. Following the closure of the pulp mill at Sappi Usuthu, the manufacturer of unbleached Kraft pulp and a major employer, Sappi, the South African parent company, fulfilled its pledge to remain committed to Swaziland by forming the Usuthu Forest Products Company. This entity has already provided 1519 jobs (considerably higher than the initial promised 500) with close to 1050 indirect openings. And more jobs are in the pipeline.
Also encouraging are the construction developments in the Ezulwini Valley, Swaziland’s tourism Mecca, with a new hotel, a further conference facility, headquarters for the cellular phone provider and an office park, to name but some.
Meanwhile, the present financial crisis faced by Government is being addressed through the Fiscal Adjustment Roadmap, which was launched during the last financial year, and efforts were in hand to secure loan funds to address the situation in the short term.
In line with IMF requirements, Government recognises the need to curb recurrent expenditure, particularly the wage bill. A structured voluntary exit scheme is being considered for the Civil Service to minimise the adverse effects outright retrenchments.
During 2011 we saw the passage into law of the Trade Licensing (Amendment) Act 2011 and the Shop Trading Hours Act 2011. Both should make it easier to operate business in the country by speeding up the issuance of trading licences and removing restrictions in respect of retail trading hours.
Swaziland remains committed to attracting new investors and our infrastructure is well-known for being one of the best in Africa. Those wanting to set up businesses here may be confident of finding all the facilities and back-up they need. Freedom in conducting business is guaranteed with Swaziland’s commitment to the free enterprise principle, while the many trade agreements that are in place provide for ready markets. There is also the bonus of a peaceful, beautiful environment and a talented, able workforce.
In closing, I would like to commend our Swaziland Business Year Book and the part it plays in publicising Swaziland as an integral component of the country’s promotional package.
And so I wish everyone who is associated with Swaziland a peaceful and successful year in 2012.
Senator Jabulile Mashwama
Minister for Commerce,
Industry & Trade