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7th Floor Mbandzeni House Libandla street Mbabane Swaziland
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P.O. Box 4194 Mbabane Swaziland H100
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Swaziland enacts a new Companies Act The Prime Minister recently announced during a press conference in October 2009 that the Companies Act of 2009 has been accented by His Majesty King Mswati III. According to the Minister for Commerce Industry and Trade, Jabulile Mashwama, this means that the country’s corporate law has been transformed and the old Companies Act No.7 of 1912 has been overhauled. The ministry carried out extensive consultations with stakeholders who included the business community, workers, professional users such as members of the academic institutions, professional legal and accounting bodies, as well as the general public. The draft Companies Bill with a summary thereof was distributed to stakeholders and the general public for comment leading to the finalisation. The new Act aligns itself with the principles of good governance because there is a provision that will regulate matters that require statutory regulation, such as directors’ interests in contract with the company, directors’ interests in the company securities and loans by the company to directors or people connected with them among many others. The repealed Companies Act of 1912 could not adequately control who could be appointed as an auditor or perform audits on a Swazi registered company and this was a major weakness in the Swaziland legislation. However, one of the reforms in the new Act includes that of auditors, which contains a comprehensive provision on appointment, removal, rights, duties and remuneration of auditors |
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Kuwait Chamber of Commerce to host SIPA and FSE&CC |
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The Swaziland Investment Promotion Authority and the Federation of Swaziland Employers & Chamber of Commerce will in collaboration with the Kuwait Chamber of Commerce and Kuwait Investment Authority, host an investment seminar early in 2010 in Kuwait. The seminar, dates of which are still to be confirmed, is meant to encourage investment between the two countries, whilst promoting FDI from Kuwait and partnerships amongst the two countries investors. This mission is a follow up to the recent visit by the Prime Minister of the State of Kuwait, where seven (7) agreements were signed between the two countries, ranging from collaboration to an air service deal in lieu of the new airport in Swaziland, which is close to completion. The Kuwait Fund has already committed funds for the new road to the new international airport, that sits some two (2) hours by road from Maputo and Kruger National Park. |
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Last Updated ( Thursday, 17 December 2009 )
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The Swaziland Investment Promotion Authority (SIPA) was created through an Act of Parliament, the Swaziland Investment Promotion Act 1998 and was formally launched in April of the same year. SIPA is a Category A Public Enterprise and is wholly funded by the Government of Swaziland, with initial assistance from the European Union
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SIPA to host the French Chamber of Commerce from South Africa, 15 - 17 February 2010 SIPA is expected to host a delegation from the French delegation based in Johannesburg, South Africa on 15 - 17 February 2010. The visit aims to create a forum for the French business delegation to understand Swaziland as an investment destination. The Mission to visits the country to lso establish facts abouT business opportunities including joint ventures, partnerships, agency agreements, frnachises and sole investments. While in Swaziland, the delegation is expected to meet key stakeholders such as the Ministry of Commerce Industry and Trade, the Ministry of Natural Resources and Energy, and the Federation of Swaziland Employers and Chamber of Commerce. As usual, the delegation will be afforded the time to taste the rich culture of Swaizland by visiting the tourists attraction areas to conclude with a delicious Swazi cusine.
Economic Indicators
Friday, 5th February 2010 Emalangeni (E) Per Foreign Currency Unit | | Buy | Sell | | USD1 | 7.3980 | 7.9024 | | 1GBP | 11.6274 | 12.4233 | | 1EURO | 10.1113 | 10.8326 | | 1JPY/E | 12.0070 | 11.3313 |
Please note that the lilangeni is pegged 1:1 with the South African rand Inflation Rate December 09| 4.5%
Swaziland Fact Sheet
Population1,138,000 CapitalMbabane (administrative); 70,000 Lobamba (legislative and royal); 4,400 Area17,363 square kilometers (6,704 square miles) LanguageEnglish, siSwati ReligionIndigenous beliefs, Christianity, Roman Catholic, Muslim GDP per CapitaU.S. $4,800 Literacy Percent82 
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