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Country Guide > Africa > Swaziland | |
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Business Profile Economy The economy is dominated by and closely linked with that of South Africa, and the country is a member of the Southern African Customs Union (through which the Government receives around half its total revenue). Agriculture is by far the largest part of the economy, employing over 75 per cent of the working population. Sugar, cotton and fruit are the main cash crops. Tobacco and rice are recent additions to the country’s produce, while livestock rearing is traditionally important. The industrial sector, which contributes over 40 per cent of GDP, is mainly concerned with processing agricultural products, largely food and wood products including paper, and also the production of textiles and metal goods. The country’s mining industry produces coal, of which there are extensive reserves, and diamonds but the other main products of asbestos and iron ore have been in long-term decline due to falling export demand. The removal of sanctions against South Africa gave a boost to the Swazi economy but the gains have been undermined by a number of factors: drought, low commodity prices, the impact of widespread HIV/AIDS infection on the workforce, the low value of the South African rand (to which the Swazi currency is linked). Moreover, opposition from the business community to King Mswati’s autocratic rule has made for a poor commercial environment. Unemployment remains at an estimated 40 per cent. The Government has made efforts to attract foreign capital to fund future development, notably through a number of prestige construction and infrastructure projects. Apart from South Africa, which dominates Swazi trade, the most important trading partners are the UK and France. Business Lightweight suits are generally expected for business. Appointments are necessary and business cards are exchanged. English is widely spoken in business circles. Office hours: Mon-Fri 0800-1300 and 1400-1645. Commercial Information The following organisations can offer advice: Swaziland Industrial Development Co (SIDC), PO Box 886, 5th Floor, Dhlan’ubeka House, Corner Tin & Walker Streets, Mbabane (tel: (40) 44010 or 43391; fax: (40) 45619; e-mail: info@sidc.co.sz; website: www.sidc.co.sz); or Swaziland Chamber of Commerce and Industry, PO Box 72, Mbabane (tel: (40) 44408; fax: (40) 45442; e-mail: chamber@business-swaziland.com; website: www.business-swaziland.com/chamber). Conferences/Conventions The principal facilities are at the Royal Swazi Convention Centre in the Ezulwini Valley, which has seating for up to 600 people. Several hotels also have facilities for smaller numbers, with back-up services. The Ministry of Tourism (see Contact Addresses section) can supply information. |