The Government of Eswatini seeks to create an environment in which Emaswati investors, strategic partners, and the broader private sector can thrive, as laid out in the Kingdom of Eswatini National Development Plan 2023-2028. The plan prioritizes opportunities in the following key growth sectors: Mining and Energy, Manufacturing and Agro Processing, Tourism, Agriculture, Education and Information, and Communications and Technology. U.S. companies successful in these markets are characterized by regional focus and international sourcing. To make investment more attractive, the government is in the process of expanding their incentives, including increasing the tax-free incentive from 10 to 20 years and moving from brownfield to greenfield infrastructure.
There is substantial opportunity in developing water infrastructure as the government is exploring three sites for dam construction. In 2023, the state-owned Eswatini Water Agriculture Enterprise, with financing from the African Development Bank, awarded a $130 million contract to construct a large dam in the rural south of the country. In addition to water, there is opportunity in the energy sector as Eswatini’s contract with South Africa’s state-owned energy provider, ESKOM, was renewed in January 2025 with increased tariffs, underscoring the importance of energy independence for the country.
Development of large-scale agricultural irrigation (measured at 80,000 HA) is expanding for the purpose of transforming subsistence farming into commercial farming, with an emphasis on diversifying away from sugar cane. The shift in production will demand new capital investment and a shift in farm inputs, with a shift to more citrus, cotton, and vegetable crops likely. Suppliers of agriculture technologies, seeds, pesticides, transportation, and storage for these products may find opportunities for new sales.