Azernews.Az

Akbar Novruz

Read more

Azerbaijani businessman Emin Agalarov, founder of the Sea Breeze development project and head of Agalarov Development, has announced plans to invest approximately $99 million in the economy of Eswatini, according to the Southern African kingdom's monarch, King Mswati III.

The proposed investment, valued at 1.65 billion Eswatini lilangeni, was announced in Ezulwini, a major tourism destination located between the cities of Mbabane and Manzini.

According to King Mswati III, Agalarov's commitment represents another step in Eswatini's efforts to attract foreign investment through international business engagement, investment conferences and diplomatic visits.

The announcement follows the monarch's visit to Azerbaijan in May, during which he explored potential areas of economic cooperation between the two countries.

As part of that visit, Agalarov hosted King Mswati III and an accompanying delegation, including members of Eswatini's Cabinet, at the Sea Breeze complex.

The visit provided an opportunity for the Eswatini delegation to familiarise itself with the large-scale development project and discuss potential investment cooperation.

Following his return to Eswatini, King Mswati III told journalists at the Ludzidzini Royal Residence that Azerbaijan had expressed interest in supporting the kingdom's economic development.

He also indicated that Azerbaijani companies were considering feasibility studies in several sectors, including energy and oil, to assess potential investment opportunities.

In addition, the two sides signed a memorandum of understanding on cooperation in mineral resource development and extraction.

The agreement is intended to provide a framework for exploring opportunities in Eswatini's mineral resources sector.

Agalarov's proposed $99 million investment could further expand economic ties between Azerbaijan and Eswatini, particularly as the Southern African country seeks to attract international capital for development projects.

The announcement also highlights growing interest in strengthening business cooperation between the two countries following the Eswatini monarch's visit to Baku.

However, details regarding the specific sectors targeted by Agalarov's investment, the implementation timetable and the structure of the proposed financing have not yet been disclosed.