Eswatini’s King Mswati III has called for faster implementation of bilateral agreements with Taiwan and stronger business cooperation as the two countries seek to expand industrial investment, including a proposed manufacturing park for which Taiwanese textile group Tex-Ray has been named as an $80mn anchor investor.

“We need to put them into action,” Mswati said during a meeting with Taiwanese President Lai Ching-te in Taipei, urging officials to translate existing agreements into practical projects, Focus Taiwan reported on October 9.

The king, who arrived for a state visit scheduled to last until October 17, said the partnership should deliver lasting economic benefits as the countries marked 58 years of diplomatic relations.

Lai called for deeper cooperation in energy, infrastructure, digital technology, healthcare, education and vocational training to support Eswatini’s industrial development.

He thanked Mswati for supporting the proposed Taiwan Industrial Innovation Park (TIIP) and encouraged Taiwanese manufacturers to establish operations in Eswatini as a base for serving African markets.

The park is planned for approximately 158 hectares at Phocweni, adjoining the Royal Science and Technology Park. It is intended to attract export-oriented manufacturers in textiles, packaging, pharmaceuticals, solar energy and other industries.

Taiwan’s foreign ministry proposed allocating TWD1bn ($31.6mn) in its 2027 budget towards the development in August, subject to legislative approval.

In July, Eswatini’s Commerce Ministry identified Texray Group as an $80mn anchor investor in the project, according to the Times of Eswatini. The commitment followed an April letter of intent by listed Taiwanese textile manufacturer Tex-Ray Industrial (TWSE: 1467), which had previously indicated plans to invest between $50mn and $80mn.

The commitment was among five investment projects worth a combined SZL7.4bn ($450mn) that Eswatini’s Commerce Ministry identified in July as advancing towards implementation. The projects were expected to create 4,850 jobs collectively, although the ministry did not say how much of Tex-Ray’s proposed investment had been spent.

Taiwan’s foreign ministry has cautioned that private-sector investment plans depend on market conditions, with the government primarily facilitating commercial partnerships.

Taiwan’s foreign ministry said in August that approximately 60 Taiwanese companies had visited Eswatini to explore investment opportunities, with ten businesses involved in textiles, packaging, pharmaceuticals and solar energy signing letters of intent to establish operations at the park.

Taiwanese authorities reported in March that around 20 Taiwanese companies already operated in Eswatini, with cumulative investment of approximately $110mn, mainly in export-oriented manufacturing.

Bilateral merchandise trade totalled $6.47mn in 2025, down 21% from a year earlier, according to Taiwan’s International Trade Administration. Taiwan exported $6.15mn in goods to Eswatini and imported approximately $320,000.

Eswatini’s membership of the Southern African Customs Union and the African Continental Free Trade Area offers manufacturers potential access to wider regional markets, while its eligibility under the US African Growth and Opportunity Act provides additional opportunities for qualifying exports.

The industrial park forms part of wider economic cooperation between the two countries, which also includes Taiwanese support for a strategic oil-reserve project intended to provide Eswatini with 60 days of fuel supplies.

The leaders also witnessed the signing of a mutual legal assistance agreement covering criminal matters.

Mswati reaffirmed Eswatini’s support for Taiwan’s international participation.

“On the international front, the Kingdom of Eswatini shall continue to advocate for Taiwan’s meaningful participation in the activities and structures of the United Nations,” he said, according to the Times of Eswatini.

Eswatini remains Taiwan’s only formal diplomatic ally in Africa, maintaining relations despite Beijing’s diplomatic and economic pressure.

China has excluded Eswatini from tariff preferences extended to its African diplomatic partners, although Chinese contractors continue to participate in the kingdom’s infrastructure development, including the $162mn Mpakeni Dam project.

See IntelliNews: Africa’s last holdout: Eswatini’s Chinese dam project exposes limits of Beijing’s pressure over Taiwan