The Zambia Development Agency (ZDA) and the Eswatini Investment Promotion Authority (EIPA) have signed a Memorandum of Understanding (MoU) to develop stronger business relations.
The agreement further sets forth the procedures of cooperation for the expansion of investment and trade relations between Eswatini and Zambia, strengthening institutional relations and capacity building through mutual cooperation.
The areas of cooperation include among others investment, trade promotion and facilitation, exchange of information on trade, investments, incentives, policies, regulations and investment opportunities.
The two institutions will also encourage and support the exchange of technical expertise, knowledge and training opportunities, facilitate linkages of exporters from each other’s country to buyers in the local markets and encourage linkages and partnerships between SMEs from both countries.
In addition, ZDA and EIPA will work together in organising business missions related to trade and investment, participate in exhibitions, meetings and conferences and cooperate in implementing a sustainable strategy for a variety of capacity-building and development activities of common interest.
Speaking during the MoU signing, ZDA Board chairperson Biemba Maliti urged the two parties to come up with a clear strategy to implement the memorandum of understanding.
Professor Maliti stated that ZDA and EIPA need to work together to promote investment and skill transfer for the development of key economic sectors in both countries.
He noted that both countries are endowed differently and working together could help grow the industries in both countries.
“We can enhance our bilateral trade agreements to provide better incentives for private sector engagement through initiatives such as investment summits, trade missions, and establishing clear guidelines for cross-border investments will help attract mutual investment,” he said.
Meanwhile, ZDA Director General Albert Halwampa was resolved that the signing of the MoU is a symbol of commitment to strengthen efforts to improve trade and investments between the two countries and the region.
Mr. Halwampa highlighted the focus areas of collaboration as agriculture and agro-processing; Tourism, culture, and heritage; Infrastructure development and connectivity; Energy sector; Education and skills development; Human capital development; and Trade facilitation and policy harmonization.
He expressed commitment to execute the Memorandum of understanding for the mutual benefit of the two nations.
EIPA Board Chairperson Theo Hlophe said the MoU signing was a great millstone for both countries and urged that the emphasis of the interactions should be country to country and not Agency to Agency.
Mr. Hlophe stated that the two countries should take advantage of their geographic location as land-linked countries to trade and invest in each other’s countries.
And EIPA Sibani Mngomezulu Chief Executive Officer shared the mandate of the authority and expressed the need for the two institutions to learn from each other and work together for the greatness of the two countries.
“EIPA is a sister to ZDA and the MoU will make us seamless in our operations,” said Mr. Mngomezulu.
