President Rupiah Banda has urged local companies in Swaziland to be highly competitive and improve their productivity in order for them to compete favourably on the world market.
President Banda said countries now lived in an increasingly open and integrated global economy where they were faced with the challenge posed by business competition.
The President who was speaking in Manzini, Swaziland today during the official opening of Swaziland International Trade Fair at Mavuso Trade and Exhibition Centre.
Zambia, South Africa, Nigeria, Taiwan and Bostwana are some of the countries exibiting at the fair whose theme is ” Renewal of Swazi Business in Global Trade”.
Mr. Banda said competitiveness was now a pre-occupation of many bisinesses in both advanced and developing countries.
President Banda said this was the challenge which local companies in Swaziland faced as they sought to renew its business in the global trade.
He said improving productivity would help local firms to become highly competitive in the global trade.
President Banda said an economy of any country could not be competitive if firms operating there were not competitive.
“I have no doubt that Swazi firms are addressing thise challenge as the country positions itself to effectively participate in international trade,” President Banda said.
He said competitiveness also challenged companies to produce high quality value added goods in order to survive the competition.
President Banda however noted that this was dependant on existing circumstances in the neighbouring countries.
He said economic cooperation and coordination among neighbours therefore was an important tool for improving business environment, as well as expanding trade and investment.
Mr. Banda said it was thus gratifying that Swaziland was an active member of both SADC and COMESA.
He urged Swazi companies to take advantage of their countries membership to the two regional economic grouping to position themselves as they enter international trade.
President Banda also said that in order for Swazi firm to compete favourably globally, they needed good infrastructure.
Mr. Banda called on both Zambian and Swazi business community to use the fair to broaden and deepened business contacts and connectivity in order to expand their businessness.
And King Mswati 111 Swaziland disclosed that his country has established the Standards Authority and Competitions Commission with a view of enhancing the country’s ability to have quality products.
King Mswati said government was currently engaged in a process of trying to improve the competitive adge of Swazilands industries and products in an effort to sustain local and international markets.
The King said this year’s international trade fair would provid local companies would with knowledge on how to harness the available global trade opportunities.