Latest news with #R30bn
IOL News
12-05-2025
- Business
- IOL News
Eswatini Targets R30bn investment ahead of AfCFTA
King Mswati commissioned the Government to work towards improving the economy and create jobs. The conference, facilitated by the Eswatini Investment Promotion Authority (EIPA), seeks to boost both foreign and domestic investment to drive economic growth and development. He made the announcement during a press conference in Pigg's Peak last Friday. ESWATINI is aiming to secure R30 billion in investments at its upcoming Investment Conference, according to Mancoba Khumalo, the country's Minister of Commerce, Industry, and Trade. Khumalo confirmed that Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), would attend the event, while Prime Minister Russell Mmiso Dlamini would deliver the keynote address. In an interview with IOL News on Saturday, Sibani Mngomezulu, the chief executive of EIPA, reiterated the R30bn investment target, clarifying that it encompasses Foreign Direct Investment (FDI) and Domestic Investment. 'The R30 billion target includes both FDI and domestic investments, as well as the expansion of existing projects alongside new investments,' Mngomezulu said. In a related development, King Mswati III has directed the government to prioritise economic improvement and job creation under the national development slogan 'Nkwe'. * Zweli Martin Dlamini is the managing editor of Swaziland News, an independent online publication. ** The views expressed here do not reflect those of the Sunday Independent, Independent Media, or IOL.
IOL News
12-05-2025
- Business
- IOL News
Eswatini Targets R30bn investment ahead of AfCFTA
King Mswati commissioned the Government to work towards improving the economy and create jobs. The conference, facilitated by the Eswatini Investment Promotion Authority (EIPA), seeks to boost both foreign and domestic investment to drive economic growth and development. He made the announcement during a press conference in Pigg's Peak last Friday. ESWATINI is aiming to secure R30 billion in investments at its upcoming Investment Conference, according to Mancoba Khumalo, the country's Minister of Commerce, Industry, and Trade. Khumalo confirmed that Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), would attend the event, while Prime Minister Russell Mmiso Dlamini would deliver the keynote address. In an interview with IOL News on Saturday, Sibani Mngomezulu, the chief executive of EIPA, reiterated the R30bn investment target, clarifying that it encompasses Foreign Direct Investment (FDI) and Domestic Investment. 'The R30 billion target includes both FDI and domestic investments, as well as the expansion of existing projects alongside new investments,' Mngomezulu said. In a related development, King Mswati III has directed the government to prioritise economic improvement and job creation under the national development slogan 'Nkwe'. * Zweli Martin Dlamini is the managing editor of Swaziland News, an independent online publication. ** The views expressed here do not reflect those of the Sunday Independent, Independent Media, or IOL.
Zawya
14-03-2025
- Automotive
- Zawya
South Africa to incentivise local EV production
South Africa will spend R1bn ($54.27m) to support the local production of new energy vehicles and batteries, as well as related manufacturing projects, the National Treasury said on Wednesday. An interior of a BMW iX xDrive40 displaying battery power range, is seen at a BMW dealership in Sandton, South Africa, 27 October 2023. The country is the largest automotive manufacturing hub in sub-Saharan Africa, hosting brands such as Toyota, Ford, Isuzu, Volkswagen and Mercedes, among others. The industry has said that government incentives and policy interventions will encourage original equipment manufacturers to invest more in the production of electric vehicles in the country. South Africa released its Electric Vehicles White Paper in 2023, outlining the country's strategy to transition the automotive industry from primarily producing internal combustion engine vehicles to a mix that includes electric vehicles by 2035. In its annual budget review, the treasury said the department of trade and industry in partnership with the department of mineral resources, planned to approve and implement a regional critical minerals strategy, without giving a timeline. Critical minerals such as copper, cobalt and lithium are needed for the production of products like electric vehicle batteries and solar panels, and are key to the world's energy transition. The treasury said R1bn was being set aside over the medium term for the industrial development support programme, an incentive scheme that aims to increase participation and investment in infrastructure by firms in selected manufacturing sectors such as automotive. "The purpose of the incentive is to enhance the local production and assembly of new-energy vehicles, batteries and projects focused on operational efficiency and competitiveness in new manufacturing projects," the treasury added. The incentive is expected to attract R30bn in investment from the private sector, it added. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
