South Sudan has enormous business potential and offers opportunities in oil, gas, agriculture, minerals, infrastructure development, construction sector, hotel industry and trade. Chairman Central Investment Authority South Sudan Joseph Kulang John Konga stated this while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Friday.
LCCI President Farooq Iftikhar presented the address of welcome, Vice President Mian Abuzar Shad, Executive Committee Members Mian Zahid Javaid Ahmad, Mumshad Ali, Iftikhar Bashir Chaudhry and Convenor LCCI Standing Committee on Pak-Africa Business Promotion Zafar Mehmood also spoke on the occasion.
Joseph Kulang John Konga said that although South Sudan is a new country but it has a sound financial system that allows business people to do their businesses with their foreign counterparts with peace of mind. He said that South Sudan is an oil-based economy and enriched with natural reserves such as petroleum, iron ore, copper, chromium ore, zinc, tungsten, mica, silver, gold, diamonds, hardwoods, limestone and hydropower. The resources are being explored to contribute towards growing economy.
He said that being newly established country, South Sudan is demonstrating as an emerging market for foreign investment with major sectors of construction, telecommunication, banking & finance, insurance, education and other amenities. The country has been continuously attracting substantial investment since the signing of the Comprehensive Peace Agreement (CPA) in 2005.
Nonetheless, South Sudan is a virgin country and a lot of businesses are currently setting their stations in Juba city. He said that the measures taken by government to promote investment in the country include: establishment of Southern Sudan Investment Authority (SSIA); Development of investment laws which spell out the investment guidelines in the country; equal treatment and opportunity for local and international investors; and enactment of specific laws that support investment by making provisions for attractive fiscal regimes, protection of industrial and intellectual property rights, credible guarantee of legal security and investment stability, repatriation of profits and dividends, custom duties exemptions, as well as reduced red tape and bureaucracy.
Speaking on the occasion, the LCCI President Farooq Iftikhar stressed the need for exchange of business delegations so that the businessmen of the two sides could have firsthand knowledge about the available opportunities. He said that since South Sudan got independence only two years ago therefore the potential businessmen have little knowledge about rules and regulations for doing business and the government of South Sudan could use LCCI platform to create awareness about the financial system that is key to do business in any part of world.