This was stated by Joseph Kulang John Konga, Chairman Central Investment Authority South Sudan, while speaking at the Lahore Chamber of Commerce and Industry on Friday.
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.
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 first hand 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.
The LCCI President said there exists a huge scope for joint ventures in a number of areas including establishment of oil refineries therefore South Sudanese businessmen should initiate talks with their Pakistani counterparts.