Taiwan's gov't proposes NT$1 billion for industrial park in Eswatini

Taipei, Aug. 30 (CNA) Taiwan's government has proposed spending NT$1 billion (US$31.6 million) to build an innovative industrial park in Eswatini, aiming to support industrial upgrading and economic transformation in its sole African ally while helping Taiwanese businesses expand their global presence.

According to the Ministry of Foreign Affairs' (MOFA) fiscal 2027 budget proposal sent to lawmakers last week for review, the ministry has proposed total expenditures of NT$43.41 billion, an increase of more than NT$3.8 billion from its budget for the current fiscal year.

Among the proposed expenditure, MOFA has earmarked NT$1 billion to fund the Taiwan Industrial Innovation Park (TIIP) project in Eswatini.

The TIIP project is expected to attract more Taiwanese businesses to invest in Eswatini and help them "further expand their presence in the African market," according to MOFA's budget proposal.

"The project will also help create local jobs, foster industrial clustering and hub development, and thereby achieve the goals of bolstering the allied nation's prosperity and, in turn, consolidating diplomatic ties," the proposal said.

The budget proposal is pending lawmakers' approval.

Both President Lai Ching-te (賴清德) and Foreign Minister Lin Chia-lung (林佳龍) have visited the planned site for the first phase of the TIIP project, which is located in Phocweni, Eswatini. It covers approximately 158 hectares adjacent to the Royal Science and Technology Park.

During his state visit to Eswatini in May, Lai inspected the planned TIIP site and called Eswatini a steadfast ally of Taiwan in Africa and an important gateway for Taiwanese enterprises seeking to enter the African market.

"We look forward to fostering deeper economic and trade cooperation with Eswatini through the TIIP. Doing so will attract even more Taiwanese enterprises to invest in Eswatini and cultivate local talent. In turn, this will create local jobs, enable more local businesses to join global supply chains, and enhance Eswatini's national economic resilience," Lai said.

According to MOFA, about 60 Taiwanese companies have visited Eswatini to explore investment opportunities since the launch of the TIIP project last April.

Among them, 10 Taiwanese companies in key sectors such as textiles, packaging, pharmaceuticals and solar power have signed letters of intent indicating plans to move into the TIIP in the future.