King Mswati III Welcomes E1.65bn Factory Investment Pledge from Azerbaijani Businessman

King Mswati III has welcomed a significant investment pledge from Azerbaijani businessman Emin Agalarov, who has committed E1.65 billion (approximately US$100 million) to develop manufacturing factories in Eswatini. The pledge was announced during the Royal Theatre Night at the Ezulwini Palazzo International Convention Centre. The King's visit to Azerbaijan in May 2026 led to this development, where he met prospective investors through engagements facilitated by President Ilham Aliyev.

The investment pledge is expected to expand Eswatini's manufacturing capacity and create employment opportunities, ultimately strengthening the country's economic growth. King Mswati III expressed confidence that Agalarov would honour his commitment, citing his business record in Azerbaijan as evidence of his capabilities. The King noted that Eswatini had previously encountered investors who announced major projects but failed to deliver.

Emin Agalarov, an Azerbaijani businessman, property developer, and recording artist, announced the pledge during a dinner held as part of the Royal Theatre Night. He stated that the money would support the development of manufacturing factories in Eswatini, adding that it was his first time in Africa and Eswatini was his first destination on the continent. Agalarov was nicknamed "Eminem" by the King.

The proposed investment could have a significant impact on Eswatini's economy if the pledged funds are committed to projects and the factories are developed. King Mswati III toured Sea Breeze Resort and Residences, one of Agalarov's developments along the Caspian Sea coast, during his visit to Azerbaijan. The development includes hotels, residential properties, restaurants, recreational facilities, and other infrastructure.

The King expressed hope that Agalarov's commitment would encourage other Azerbaijani businesspeople to explore investment opportunities in Eswatini. He said the pledge should mark the beginning of further economic cooperation between the two countries. The royal visit in May 2026 included bilateral discussions with the Azerbaijani President on cooperation in energy, mining, and other sectors.

The Royal Theatre Night also featured performances by local and international artists, including learners from Sifundzani Primary School. The event provided an opportunity for cultural exchange alongside the investment announcement. King Mswati III thanked President Aliyev for supporting efforts to strengthen relations between Eswatini and Azerbaijan.

The investment pledge is a significant development for Eswatini, which seeks to attract foreign investment to expand manufacturing, create employment, and strengthen economic growth. The King's welcome of the pledge demonstrates the importance of this commitment to the country's economic development.

Key points

• The investment pledge is expected to expand Eswatini's manufacturing capacity and create employment opportunities.
• King Mswati III expressed confidence that Agalarov would honour his commitment, citing his business record in Azerbaijan.
• The proposed investment could have a significant impact on Eswatini's economy if the pledged funds are committed to projects and the factories are developed.