This article was last updated on May 25, 2022
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Speaking at the Tokyo International Conference on African Development (TICAD V) in Yokohama, Japan President Kiir described South Sudan as a business destination with lots of natural resources capable of turning around the fortunes of the poor new African country.
“Indeed, we are open for business. South Sudan offers exceptional business opportunities for investors in many areas of economic activities. South Sudan is blessed with vast fertile land of which over 90 percent is not cultivated”, said Kiir.
“We have abundant water supply and immense untapped natural resources with over five billion barrels of oil reserves and mineral deposits of gold, uranium, copper and diamond”, the president added.
South Sudan, he said, offers a world class prospects for investment in natural resources particularly in light of the Cooperation Agreement with Sudan and oil production resumption.
The President added that South Sudan’s economy grows steadily with at least 17 registered multinational companies which offer numerous investment opportunities in infrastructure development as well as provision of public and financial services, power generation and distribution and property development.
“The lifting of sanctions also provides additional opportunity and security for investments prospects”, said Kiir.
The President also announced the new country’s commitment to an open economy which he said is supported by the World Bank, the International Monetary Fund (IMF) and the African Development Bank.
“Our commitment to free market economy and private sector driven economy for both domestic and foreign investments, public-private partnership are in black and white in our constitution”, the President emphasised to a round of applause.
He added: “The government is focused on ensuring macro-economic stability; low inflation, fiscal prudence and we have enacted commercial laws such as the Petroleum Act, the Mining Act and Land Act all of which make it easier to do business in South Sudan”.
The president however admitted the insecurity challenges the country has been facing since 2011 when it got its independence, saying the aid assistance the Japanese government is giving to Africa will not yield the expected results unless there is peace and security.
In line with the need for a peaceful Africa, Japan has pledged to carry on capacity building of counter-terrorism personnel in North Africa and the Sahel region through conducting seminars on trainings and provision of equipment.
The President assured the leaders attending the conference that his government is committed to ensuring peace in and around the country to achieve its 2020 vision aimed at meeting the aspirations of the citizens of a peaceful and prosperous South Sudan.
“As we celebrated the African Union’s 50th anniversary last week, we African leaders clearly committed ourselves to resolving all African conflicts and have Africa free of conflicts by 2020”, said President Kiir.
The Tokyo government also announced a total sum of US$ 1 billion in development and humanitarian assistance towards maritime security off the coast of Somalia, counter-piracy measures by Japan Maritime Self Defense Forces and Japan Coast Guard and capacity building of coast guards in neighboring countries of Somalia as well as provision of patrol vessels.
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