AGP Executive Report

Manufacturing Investment: Azerbaijani businessman Emin Agalarov pledged E1.65 billion for factories in Eswatini, a commitment welcomed by the King as the country seeks jobs and industrial growth. Sugar Outlook: Rising global prices and El Niño-related regional demand could lift export earnings and farmer returns in 2027, though most 2026 export contracts were already set. Food Costs: Retail prices were mostly steady in October, but high fertiliser and fuel costs, plus weather risks, could raise production and food prices ahead of the next planting season. Skills for Industry: ECOT and the Construction Industry Council are calling for closer employer partnerships to better align training with construction-sector needs. Local Finance: An MP urged government to explore borrowing from E136 billion in assets held by local non-bank financial institutions rather than relying so heavily on foreign loans.

Investment: Azerbaijani developer Emin Agalarov pledged E1.65 billion ($99 million) for Eswatini after King Mswati III’s visit to Baku. The countries have signed a mining cooperation agreement, and companies are expected to study opportunities including energy and petroleum. Shipping and Trade: The US Treasury says a Singapore-based registry linked to a sanctioned Indian couple issued fraudulent Eswatini vessel registrations for tankers carrying Iranian oil. Government is developing its own maritime authority and registry to protect the national flag and explore shipping revenue. Mining: A proposed state-owned mining company faces questions over its cost, expertise and potential returns, as some existing public enterprises rely on government support. Business Climate: MPs argue foreign businesses trading on Swazi Nation Land should pay tax rather than fines. The Prime Minister has also called for better public-service turnaround times for businesses and residents. Skills and Connectivity: ECOT and the Construction Industry Council want industry to help align training with jobs, while EPTC has launched broadband and cross-border e-commerce promotions.

Investment: Azerbaijani developer Emin Agalarov has pledged E1.65 billion ($99 million) for Eswatini. The commitment follows talks on possible projects in energy and petroleum, and a mining cooperation agreement. Maritime Industry: The US says a Singapore-based company used Eswatini’s name in unauthorised ship registrations for tankers carrying sanctioned Iranian oil. The revelations raise risks for the country’s reputation as it works to establish its own maritime authority and registry. Mining: A proposed state-owned mining company has sparked questions about its cost, expertise and ability to generate returns, amid concerns over the performance of existing public enterprises. Skills and Construction: ECOT and the Construction Industry Council are urging closer industry involvement in training to address skills gaps and better match graduates to jobs. Digital Services: EPTC has launched broadband and e-commerce promotions as it seeks to support businesses and expand access to connectivity. Agriculture: EWADE and AeTrade are partnering to connect farmers with wider markets.**

Workforce Development: ECOT and the Construction Industry Council are urging employers to help shape training and close construction skills gaps. Education Minister Owen Nxumalo also encouraged students to raise concerns through direct engagement. Agriculture: EWADE and AeTrade Group have partnered to connect smallholder farmers with wider markets and investment. Meanwhile, drought has killed more than 50 cattle in Shiselweni, with farmers urged to sell livestock as pasture and water run short. Tourism: Eswatini Tourism Authority’s festive campaign is promoting local and regional travel through January 31, directing visitors to local businesses and communities. Digital Services: EPTC has launched broadband and e-commerce promotions as it seeks to support customers and businesses in the digital economy. Maritime Trade: US sanctions have drawn attention to an alleged network that issued fake ship registrations, including a purported Eswatini registry. Eswatini authorities have disavowed the operation.

Skills & Industry: Education Minister Owen Nxumalo urged ECOT students to raise concerns through engagement, while the college and Construction Industry Council are working to align training with employers’ needs and close construction skills gaps. Agriculture & Markets: EWADE and AeTrade Group will connect smallholder farmers with wider markets, digital trade and investment. Meanwhile, drought has killed more than 50 cattle in Shiselweni, with farmers urged to sell livestock as water and grazing shortages deepen. Digital Services: EPTC launched broadband and e-commerce promotions, aiming to support customers and businesses as the economy goes digital. Tourism: The Eswatini Tourism Authority’s festive campaign runs through January 31, promoting local businesses and the country to domestic and regional travellers. Shipping Compliance: US sanctions targeted an alleged fake-flag network that claimed links to Eswatini ship-registration services; Eswatini authorities have disavowed the operation.

Skills and Industry: The Eswatini College of Technology and Construction Industry Council are calling for closer employer involvement in training, warning that graduates’ qualifications must match real job needs. Tourism: Eswatini Tourism Authority’s festive campaign runs through January 31, aiming to draw local and regional visitors and support businesses. Digital Services: EPTC has launched broadband and e-commerce promotions as it seeks to expand connectivity and help businesses reach customers. Agriculture: EWADE and AeTrade Group will work to connect smallholder farmers with wider markets; meanwhile, drought has killed more than 50 cattle in Shiselweni, prompting calls for farmers to sell livestock. Trade: A proposed India–SACU preferential trade pact could improve market access for Eswatini, though negotiations are still under way. Maritime Reputation: US sanctions targeted an alleged fake ship-registration network that claimed links to Eswatini; the country’s authorities have disavowed the registry.

Maritime Reputation: The US sanctioned an India-based network accused of issuing false ship registrations, including through a Singapore-based entity using Eswatini’s name. Eswatini authorities have disavowed the registry, but the case puts the country’s maritime oversight in focus. Tourism: Eswatini Tourism Authority has launched its festive-season campaign, running through January 31, to attract local and regional visitors and support businesses. Digital Services: EPTC has launched broadband and e-commerce promotions as it seeks to expand connectivity and help businesses reach customers online. Agriculture: More than 50 cattle have died amid drought in Shiselweni, with farmers urged to sell livestock as water and grazing shortages threaten livelihoods and food security. Market Access: EWADE and AeTrade Group have partnered to connect smallholder farmers with wider markets and commercial opportunities. Regional Trade: India and SACU are negotiating a preferential trade deal that could broaden market access for Eswatini businesses.

Digital Services: EPTC launched its Connecta Manje broadband and Shop Without Borders e-commerce promotions, aiming to support connectivity and online business. Agriculture: EWADE and AeTrade signed a partnership to connect smallholder farmers with wider markets and investment. Regional efforts have conserved about 82,000 plant genetic resources to support food security and climate resilience, while drought has killed more than 50 cattle in Shiselweni. Trade and Shipping: US sanctions targeted an India-based network accused of issuing false ship flags and certificates, including through a purported Eswatini registry that authorities have disavowed. Sugar Industry: Associated British Foods reported a £47 million adjusted loss in its Sugar division for FY2026, citing lower European prices and higher costs, and forecast further losses next year.

Jobs and Skills: Labour Minister Phila Buthelezi says training must be judged by whether people find work and businesses gain the skills they need, calling for closer links between education, industry and employment services. Digital Services: EPTC has launched broadband and e-commerce promotions to expand connectivity and help businesses reach customers online. Agriculture: EWADE and AeTrade Group will work to connect smallholder farmers with wider markets; separately, drought has killed more than 50 cattle in Shiselweni, with farmers urged to sell livestock. Business Climate: Online company registrations fell 70% in the second quarter, with network problems and manual processes hampering service delivery. Maritime Integrity: The US sanctioned an India-based network accused of issuing false ship registrations, including through an entity using Eswatini’s name; Eswatini authorities had disavowed that registry. Trade Standards: Eswatini is hosting SADC training to strengthen measurement standards and protect consumers and businesses from inaccurate commercial transactions.

Maritime Fraud: US sanctions targeted an Indian network accused of providing false flags and certifications to Iran-linked tankers. It operated a bogus “Eswatini Maritime Affairs and International Ship Registry” from Singapore; Eswatini has disavowed the organisation. Trade & Standards: Eswatini’s Commerce Ministry says reliable measurement is vital to fair trade and consumer protection, as it hosts regional training for trade assessors. Economists also warn South African goods could temporarily flood local shops if South Africa loses US trade preferences. Business Services: Online company registrations fell 70.3% to 632 in the second quarter, with the ministry citing connectivity problems and manual processes; total registrations dropped 17%. Investment & Infrastructure: EIPA attracted E1.85 billion in new investments in the second quarter. Government has spent 53% of its roads capital budget, with work advancing on the MR14 and MR21 corridor. Business Costs: Fuel prices have risen 51.2% since April, pushing up production costs and weakening export competitiveness. AI Standards: ESWASA and AICE Africa have launched an Eswatini-based centre to build African capacity to test AI safety and standards.

Trade: South African goods could temporarily flood Eswatini shops if the US removes South Africa from AGOA, economist Thembinkosi Dube warned, as exporters seek alternative markets. Business Climate: Online company registrations fell 70.3% in the second quarter, with network problems and manual processes blamed for slowing services. Investment: EIPA attracted E1.85 billion in new investments in the second quarter, offering a boost to the country’s growth prospects. Costs: Fuel prices have risen 51.2% since April, increasing production costs and squeezing business competitiveness. Technology: ESWASA and AICE Africa launched an AI safety and standards centre in Eswatini to build local testing and governance capacity. Skills: The EYEOP project is offering young emaSwati practical training and enterprise support in agriculture and construction.

Business Climate: Online company registrations plunged 70.3% year on year, with connectivity problems and manual processes hampering digital services. A separate analysis warns that overseas sales of parent companies can shift gains from Eswatini assets beyond local tax reach. Investment & Technology: EIPA says it facilitated E1.85 billion in new projects and E170 million in expansions in the second quarter, with 147 jobs expected at full capacity. Eswatini has also launched an AI safety and standards centre to build local expertise in testing systems for African markets. Tax & Regulation: A tribunal ruled for ITQNET in an E8.84 million tax dispute after the revenue service took about 10 months to respond to its objection. Businesses also face debate over overlapping regulators and rising costs. Operating Costs: Fuel prices have risen 51.2% since April, adding pressure to production costs, exports and household spending. Eswatini is also exploring nuclear power to meet future energy needs.

Business Services: Online company registrations fell 70.3% in the second quarter, to 632 from 2,127 a year earlier, as connectivity problems and manual processes hamper digital services. Tax and Technology: A tribunal ruled for ITQNET in its E8.8 million tax dispute, finding the revenue service took about 10 months to decide the company’s objection. AI Standards: Eswatini and AICE Africa launched a centre to build local expertise in AI safety testing and standards, with plans for a research laboratory. Investment: EIPA reported E1.85 billion in new projects and E170 million in expansions during July–September, with 147 jobs expected at full capacity. Operating Costs: Fuel prices have risen 51.2% since April, adding pressure to production costs, exports and household spending. Youth Skills: The EYEOP programme is accepting applications from young people for training and enterprise support in agriculture and construction.

AI Standards: Eswatini Standards Authority and AICE Africa have launched a centre to build African expertise in AI safety and standards, with plans for a testing laboratory to assess systems against local needs. Regional Infrastructure: Mozambique’s November 4–5 transport and logistics investment forum will explore funding for ports, railways, roads and trade corridors, with Eswatini among the countries expected to attend. Public Finance: CANGO warns that proposed E3.79bn borrowing could strain government finances ahead of an El Niño shock, while suppliers and contractors are still owed money. Business Costs: Fuel prices have risen 51.2% since April, pushing up production costs and weakening export competitiveness, according to the Economic Planning Ministry. Investment: EIPA says new projects worth E1.85bn and expansions worth E170m were recorded in the July–September quarter, with 147 jobs expected at full capacity. Skills and Jobs: The EYEOP project is recruiting young people for agriculture and construction training and business support; applications close November 13.

Public Finance: CANGO warns that proposed borrowing of E3.79 billion could leave government less able to respond to an El Niño drought and support affected communities. Youth Jobs: Applications are open until November 13 for EYEOP training and business support in agriculture and construction for emaSwati aged 18–35. Business Costs: Fuel prices have risen 51.2% since April, adding pressure on production costs, exports and household spending. Digital Industry: Eswatini has launched an AI safety and standards centre with plans to build local expertise and assess systems used by businesses and public services. Investment: EIPA reports E1.85 billion in new projects and E170 million in expansions during the second quarter, with 147 jobs expected at full capacity. Regulation: An economist says overlapping regulators may raise business costs and weaken investment, prompting calls to consider mergers. Infrastructure: The Roads Authority has appointed a CEO and CFO as it moves towards full operation.

Cross-Border Transport: Nearly 2,900 motorists have signed up for a class action challenging South Africa’s vehicle-declaration rules, which also cover Eswatini-registered cars. Regulation: Economist Sanele Sibiya says overlapping regulators may raise business costs and discourage investment, prompting calls to merge or streamline some bodies. Fuel Costs: Fuel prices have risen 51.2% since April, increasing production costs and squeezing competitiveness, according to the government’s latest economic report. AI Standards: Eswatini has launched an AI safety centre with ESWASA to build local expertise, train professionals and develop a proposed testing lab. Roads: The Roads Authority has appointed Ndabenhle Nxumalo as CEO and Makhosazana Dlamini-Ginindza as CFO as it prepares to oversee national road planning and maintenance. Investment: EIPA reports E1.85 billion in new projects and E170 million in expansions for the second quarter, expected to support 147 jobs at full capacity. Energy: Eswatini is exploring nuclear power for the long term, with the government stressing that strong institutions, legislation and safety measures must come first.