E Nathi Dlamini, Chief Executive Officer of Business Eswatini, represents the private sector’s perspective on King Mswati III’s transformative 40-year reign. His testimony reveals a leader whose participative, consultative approach has catalysed unprecedented economic growth and business-government collaboration. Through Dlamini’s observations, the King emerges not as a distant monarch but as an engaged partner in Eswatini’s economic transformation, a vision held steady across four decades of regional turbulence and global economic shifts.

Foundation and growth: The private sector’s evolution

Business Eswatini was established under King Sobhuza II in 1960 as a Chamber of Commerce and later amalgamated with the Federation of Swaziland Employers to become the unified voice of the private sector. Dlamini attributes the organisation’s exponential growth to “the predictability and stability in which businesses operate”, a direct function of His Majesty’s leadership philosophy.

The organisation thrives because it represents every significant business in the kingdom, unified by confidence in national direction. This stability is not accidental; it flows from the King’s deliberate pursuit of economic prosperity. When investors consider risk, they evaluate not only markets and supply chains but the political-institutional environment. Eswatini, under the King’s stewardship, has consistently ranked among the most stable nations in southern Africa, a competitive advantage that translates into capital inflows, job creation and entrepreneurial confidence.

Dlamini notes that the private sector has grown exponentially precisely because businesses know that the King keeps his word and his vision persists across administrations and economic cycles. This institutional reliability is invaluable in a region marked by volatility.

The 2021 crisis: Character revealed through adversity

As the proverb claims, true character emerges during adversity. During July 2021’s social unrest, when businesses burned, livelihoods collapsed and the nation appeared fractured, His Majesty called upon the private sector to rebuild. The response was immediate and comprehensive, with millions invested in reconstruction driven by patriotic love for the nation rather than governmental coercion.

This moment exemplified the King’s capacity to inspire collective responsibility without command. He did not legislate reconstruction; he invoked patriotism. Dlamini observes: “The business sector stepped up to the plate and this was accomplished because of the patriotic love that it has for the country.”

The distinction matters profoundly. Leaders who resort to mandates and penalties generate compliance; leaders who appeal to shared purpose generate commitment. The King mobilised the private sector through the latter, and the response was overwhelming. Businesses that had suffered losses voluntarily contributed to rebuild communities. This speaks to the King’s moral authority and the reservoir of goodwill he has accumulated through four decades of consistent, people-centred leadership.

Tripartite partnership: The secret to sustainable development

Dlamini identifies the greatest achievement as “the collaboration between social partners, business, organised labour and government”. This tripartite harmony, if sustained, constitutes the engine for advancing Eswatini to the next level of development. The King’s participative leadership style eschews unilateral decree. He consults widely, creating structured space for stakeholder input. This collaborative approach is “probably the secret to his success”. Rather than imposing top-down mandates, he has charged Business Eswatini with a national mission: job creation. This mission is pursued daily in Matsapha’s industrial estates, where investors expand factories, modernise production lines and recruit additional Liswati workers into formal employment.

The private sector, organised labour and government sit as equals, each bringing expertise and perspective. The King arbitrates when interests diverge, but more often he facilitates consensus. This tripartite model has proven resilient through multiple economic cycles and political challenges.

Serving the King through service to his people

The philosophy that anchors this partnership is elegant and profound: “The only way to serve the King is to serve his people.” This inverts the typical hierarchy. The King does not demand tribute; he demands that those in authority, whether in business, government, or civil society, demonstrate their loyalty through service to ordinary Liswati.

Through employment, opportunity, education and a sense of hope, Business Eswatini fulfils its royal mandate. When a factory manager hires 50 new workers, they serve the King. When a entrepreneur launches a startup that creates five jobs, they serve the King. When a bank extends credit to a small business owner, they serve the King. The King’s genius lies in aligning private interest with public good, creating incentive structures where profit and patriotism reinforce one another.

The Germany anecdote: Grace, humility and authentic leadership

Dlamini recounts a poignant moment in 1999 when His Majesty travelled with a delegation through Germany. The King pioneered what he termed “post mortem” sessions, after-action reviews where he invited criticism from his travelling team and solicited their assessments of the trip.

This moment reveals the King’s humanity. He does not demand obeisance; he prefers dignity between equals. He creates psychological safety for his team to speak truth, offer critique and engage as partners rather than subjects. This leadership posture trickles throughout the organisation of government and business. Dlamini reflects: “I think His Majesty is gathered [S1] with grace and he’s also got an amazing heart and is a good leader … It is a privilege to be led by a monarch of his calibre.”[S2] 

Economic transformation: From poverty to lower middle-income status

Eswatini’s trajectory has been remarkable. Once categorised as poor, the nation now ranks among lower middle-income countries, a transition achieved through deliberate policy choices and aggressive poverty-reduction strategies implemented with consistency. Dlamini emphasises: “You need a very successful economy that employs people in order to have good healthcare, good roads, the clean water that you provide in communities. His Majesty has figured that out and he is pursuing it very aggressively. No one sees it except for those in the business community.”

First World vision: Comprehensive development

The King’s articulated vision is a First World Eswatini, not merely symbolically, but substantively. This encompasses universal access to clean water, infrastructure that facilitates investment and employment, exploitation of ICT for social delivery efficiency, and affordable, accessible healthcare delivered by trained professionals.

These are not rhetorical flourishes but the operational definition of his development agenda. The private sector is mobilised to achieve these goals through partnerships with government, international development institutions and regional actors.

Eswatini’s greatest strength: Its people

Dlamini identifies the nation’s greatest asset as its people, “a unique breed of people in the ordinance of their character”. Tourists consistently affirm having encountered no such quality elsewhere. Beyond character, Eswatini boasts dexterity in craftsmanship, particularly textiles, and institutional stability that is rare on the global stage. “A strength is something that cannot be replicated overnight and Eswatini’s strength is its people.”

The 40-year milestone: Maturity and confidence

Reflecting on the King’s four decades, Dlamini observes that the reign doesn’t feel that long because “it’s as if 1986 was only yesterday. They say time runs quickly when you are having a good time. Which means that he has been leading very well.” The King “has matured like fine wine. He has found his rhythm now; he speaks his mind and he is comfortable in his own skin and you can see that confidence.”

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