President Ramaphosa to Attend SACU Summit in Eswatini: Exploring Industrialization and Economic Opportunities

  • President Cyril Ramaphosa has arrived in the Kingdom of Eswatini to participate in the 8th Southern Africa Customs Union (SACU) Heads of State and Government Summit. The President's visit is at the invitation of the current Chair of SACU, His Majesty King Mswati III, emphasizing the importance of regional cooperation and economic integration.
  • The SACU Summit, held under the theme "SACU Industrialization Opportunities through Improving Economic Complexity," aims to focus on key areas such as industrialization, export promotion, trade facilitation, and leveraging opportunities presented by the African Continental Free Trade Area (AFCFTA). These discussions will revolve around the six pillars of the SACU Strategic Plan 2022-2027, which includes industrialization, trade facilitation, finance and resource mobilization, among others.
  • President Ramaphosa will deliver a statement at the opening ceremony, highlighting the significance of industrialization and the potential it holds for member countries. He is accompanied by key government officials, emphasizing South Africa's commitment to regional cooperation and economic development within SACU. The summit provides a crucial platform for member states to collaborate, address common challenges, and explore opportunities for economic growth and development in Southern Africa.
President Ramaphosa

President Cyril Ramaphosa has embarked on a working visit to the Kingdom of Eswatini to participate in the 8th Southern Africa Customs Union (SACU) Heads of State and Government Summit. The event, held at the Mandvulo Royal Palace, aims to discuss and enhance regional cooperation in areas such as industrialization, trade facilitation, and economic complexity. The President’s attendance at the invitation of His Majesty King Mswati III underscores the importance of SACU in fostering economic development and integration in the Southern African region.

The theme of this year’s SACU Summit is “SACU Industrialization Opportunities through Improving Economic Complexity.” President Ramaphosa will deliver a statement at the opening ceremony, highlighting the significance of industrialization and the potential it holds for the member countries.

SACU, established in 1910, proudly boasts the distinction of being the oldest Customs Union globally. Comprising five member states—South Africa, Eswatini, Lesotho, Namibia, and Botswana—SACU plays a crucial role in promoting regional trade, cooperation, and economic integration among its members.

The SACU Strategic Plan 2022-2027, which is currently under review during this summit, serves as a guiding framework for the organization’s future endeavors. The plan focuses on six key pillars that include:

Industrialization: SACU aims to promote and advance industrial development within member states, recognizing the potential for economic growth and job creation.

Export and Investment Promotion: Efforts will be made to facilitate exports and attract investments to member countries, fostering economic diversification and sustainable development.

Trade Facilitation and Logistics: Improving trade facilitation measures and logistics infrastructure will enhance intra-SACU and international trade, reducing barriers and costs.

Implementation and Leveraging of The AFCFTA Opportunities: SACU seeks to capitalize on the opportunities presented by the African Continental Free Trade Area (AFCFTA), promoting regional integration and economic cooperation.

Trade Relations/Unified Engagement with Third Parties: The organization will foster unified engagement with external trade partners, promoting harmonized trade policies and agreements.

Finance and Resource Mobilization and Effectiveness of SACU Institutions: Ensuring adequate financial resources and enhancing the effectiveness of SACU’s institutions will be crucial for the organization’s success in implementing its strategic objectives.

Accompanying President Ramaphosa on this important visit are key government officials, including Minister of Trade, Industry and Competition Ebrahim Patel, Minister of Agriculture, Land Reform and Rural Development Thoko Didiza, Minister of Finance Enoch Godongwana, and the South African Revenue Service Commissioner Edward Kieswetter. Their presence underscores the commitment of the South African government to furthering regional cooperation and economic development.

The SACU Summit provides an invaluable platform for member countries to collaborate on shared economic challenges and explore opportunities for growth and development. By prioritizing industrialization and improving economic complexity, SACU aims to strengthen its position as a driver of economic integration in Southern Africa.

As President Ramaphosa takes the stage at the opening ceremony, his address will shed light on the importance of SACU’s strategic goals and the role of regional cooperation in fostering economic prosperity for member states.

Visited 1 times, 1 visit(s) today

Stay ahead in the financial world – Sign Up to Rateweb’s essential newsletter for free. Get the latest insights on business trends, tech innovations, and market movements, directly to your inbox. Join our community of savvy readers and never miss an update that could impact your financial decisions.

Do you have a news tip for Rateweb reporters? Please email us at

Related

Personal Financial Tools

Below is a list of tools built to assist South Africans to make the best financial decisions:

Latest

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.