South Sudan is ready to restore its former glory during the celebration of peace agreement ceremony scheduled to take place in Juba.
The country has suffered civil war for the longest time that has led to a deterioration of the country’s economic prowess and denied it business investment opportunities from foreign companies.
Riek Machar who fled the country two years ago landed in Juba International Airport earlier today to attend the peace ceremony in his home country. The rebel leader who served as the-then deputy to President Salva Kiir will this time be accompanied by a group of 30 political heads and not bodyguards.
South Sudan gained its independence from Sudan in 2011, but the onset of civil wars from December 2013 crippled the country economic progress, with oil fields shut down and many Sudanese made refugees from fleeing for their lives. Thousands of lives were lost as well, leading to one of the world’s deepest humanitarian crises.
However, a peace agreement approved and signed on September in Addis Ababa proves to be a game changer. According to WorldBank, South Sudan is the most oil-dependent country in the world, with oil accounting for almost the totality of exports, and around 60 percent of its gross domestic product (GDP). The country’s GDP per capita in 2014 was $1,111 dropping to less than $200 in 2017.
The peace agreement serves as a token of revitalized security measures in the country, which should lure potential investors to the various sectors of the economy. Political instability and security have pushed off investors from venturing into the market. Being one of the world’s weakest and most underdeveloped country with little infrastructure, the world’s youngest nation can confidently secure investors’ print.
The country is expected to host South Sudan Oil & Power 2018 conference on November 21 – 22, an event focused on attracting international investors and service companies to the revamped energy sector.
“South Sudan is dedicated to expanding oil and gas operations to strengthen the economy, as well as pursue economic diversification through new infrastructure and power projects,” said Hon. Ezekiel Lol Gatkuoth, Minister of Petroleum, South Sudan.
“With two out of three of South Sudan’s operating companies producing again, it is imperative that new international service companies and providers enter the market to meet the demand for services. We are going to have an aggressive push for exploration activities with new blocks. South Sudan Oil & Power 2018 will be the venue for these deals to move forward.”