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Monday, October 26, 2020
Eswatini Minister of Commerce, Industry and Trade Manqoba Khumalo has launched an R100 Million petroleum & fuel distributor company. FuelEx Eswatini, a new investment facilitated by Eswatini Investment Promotion Authority, will directly employ over 300 Emaswati & 500 more indirectly from this investment.
The South African franchise of FuelEx was founded in 2011 as a market-leading, independent petrochemical wholesale and supply chain finance provider. Its entry into the market as part of its strategy to grow its reach in the sub-Saharan region. Its marketing and sales strategy is to operate within current legislation while adding value to every industry represented in Eswatini.
Speaking during the launch Minister of Commerce, Industry & Trade Manqoba Khumalo said “The energy industry is a key sector in the Economic Recovery Plan due to the high impact opportunities it presents for economic stimulation. It, therefore, becomes apparent how the entry of FuelEx will offer us a direct benefit in terms of economic recovery.”
“Tackling unemployment forms a critical part of reigniting our economy. FuelEx will offer Emaswati a significant number of jobs, bringing employment & financial relief to many families who have required an income to survive over the past months.”
Minister Khumalo: “It is also hoped that the entry of FuelEx into our domestic market will stimulate entrepreneurship which will, in turn, offer us undeniable benefits in the long-run. FuelEx will act as an enabler to those who either run or plan to run businesses in the fuel sector, expanding opportunities for job creation as new SMEs are formed.”
Minister Khumalo: “The presence of FuelEx in the industry will assist in overcoming the challenges of cross-border fuel supply in a land-locked country. This puts us in good stead to become more competitive in the region as more elements of the value-chain are driven from within our borders.”
Fuelex CEO Christopher Jooste: “We have been in Africa for the past 10 years & we aim to empower small businesses within Eswatini and along the vicinity of our depot. We can promise Eswatini that we are here to stay.”
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