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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 (from 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, has grown particularly rapidly since the mid-1980s, and 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, but the other main products of asbestos, iron ore and diamonds have been in long-term decline mainly because of 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: political instability, bad weather, low commodity prices, the impact of widespread HIV/AIDS infection on the workforce, and the decline in the value of the South African rand to which the Swazi currency is linked. Unemployment remains at an estimated 40 per cent. The Government has made a considerable effort to attract foreign capital to fund future development: construction projects underway for new tourism and business convention facilities, along with new infrastructure projects, indicate that it has had some success. 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, Dhlan’Ubeka House, Tin/Walker Streets, Mbabane (tel: (40) 44010; 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.
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