Trade and investment between India and Eswatini

This article covers trade between India and Eswatini, the goods traded, contracts won by Indian companies in Eswatini and the business conclaves and study visits that Eswatini ministers have taken part in. It is based on the MEA bilateral brief of April 2026, and figures are given for the periods the brief states.

The Trade Agreement

According to the MEA brief of April 2026, India has had a Trade Agreement with Eswatini since 2002, under which both countries have granted Most Favoured Nation (MFN) status to each other. The bilateral Trade Agreement was signed in April 2002.

Trade figures

The brief gives the following figures in US$ million, sourced from the Department of Commerce, Government of India. Figures for 2025-26 are for data up to November 2025.

India's total exports to Eswatini:

2019-20: 18.57
2020-21: 24.32
2021-22: 26.82
2022-23: 14.98
2023-24: 21.30
2024-25: 18.57
2025-26: 8.09

India's total imports from Eswatini:

2019-20: 7.03
2020-21: 50.87
2021-22: 234.98
2022-23: 4.92
2023-24: 18.91
2024-25: 33.61
2025-26: 6.97

Goods traded

India's exports to Eswatini are listed as pharmaceuticals, distillate fuel, fertilisers, and machinery and mechanical parts. India's imports from Eswatini are listed as organic chemicals.

Indian companies in Eswatini

WAPCOS Limited, a Public Sector Enterprise under the Ministry of Jal Shakti, won a contract worth E3.2m (equivalent to US$197,875) in December 2020. The contract covers consultancy services for technical feasibility studies and detailed designs for the proposed northeastern grid reinforcement project of the Eswatini Electricity Company.

The brief states that WAPCOS has been at the forefront of various developmental projects in Eswatini and has provided Project Management Consultancy services to many key projects. It adds that WAPCOS has expanded its presence in sectors such as water, power and infrastructure.

Idam Infra, which the brief describes as an ISO-certified Indian company with 14 years of professional experience in the power and energy sector, won a contract worth E855,000 (equivalent to US$55,000) from the Eswatini Energy Regulatory Authority (ESERA). The contract was for the development of a regulatory framework for Mini-Grids and Off-Grid Electricity Supply. With the help of local partners, the company completed the work during June-December 2021.

Business conclaves

Eswatini ministers have taken part in several CII business conclaves:

At the virtual 16th CII-EXIM Bank Conclave on 13-15 July 2021, Minister of Finance Neal Rijkenberg spoke on "Harnessing the Africa-India Opportunity: Connect, Create and Collaborate". Minister of Natural Resources & Energy Senator Peter Bhembe spoke on "Propelling Africa's thrust to achieve sustainable energy security".
Dr. Tambo Gina, Minister of Economic Planning & Development, led a three-member delegation to the 18th CII-EXIM Bank Conclave in New Delhi on 14-16 June 2023. He met Secretary (ER) in the Ministry of External Affairs on 14 June 2023 and senior officials of EXIM Bank of India.
Dr Tambo Gina attended the 19th CII India-Africa Business Conclave in New Delhi from 22-24 August 2024.
Hon. Savannah Maziya, Minister of Information, Communication and Technology, led a delegation to the 20th edition of the CII India Africa Business Conclave in New Delhi from 27-29 August 2025.

His Majesty King Mswati III's own visit as Guest of Honour for the CII-EXIM Bank Conclave in March 2017 is described in the relations article.

Study visit on iron and steel

In November 2019, Minister of Natural Resources and Energy Senator Peter Bhembe led a three-member delegation to Delhi, Kolkata and Ahmedabad to study iron and steel production units in India. The delegation consisted of the Managing Director of the Eswatini Electricity Company, the Acting Chief Geologist and the Chief Mining Engineer.

Development finance

India's lines of credit to Eswatini, which fund infrastructure such as the Royal Science and Technology Park and the Eswatini Parliament Building, are covered in the development article of this guide.

Since the brief of April 2026

Later developments in India and Eswatini relations, from MEA publications, newest first. The article above reports the brief at its date.

Questions and answers

Does India have a trade agreement with Eswatini?

Yes. According to the MEA brief of April 2026, India has had a Trade Agreement with Eswatini since 2002, under which both countries grant each other Most Favoured Nation status.

What does India export to Eswatini?

India's exports are listed as pharmaceuticals, distillate fuel, fertilisers, and machinery and mechanical parts. India's exports were US$ 18.57 million in 2024-25.

What does India import from Eswatini?

India's imports from Eswatini are listed as organic chemicals. Imports were US$ 33.61 million in 2024-25.

Sources

This article reports what the sources state at their date and does not add facts from elsewhere. Figures, office holders and agreements may have changed since. Diplo is independent and not affiliated with any government. Suggest a correction.