Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

South Sudan Says Looks Forward to Attracting Saudi Investments

South Sudan Says Looks Forward to Attracting Saudi Investments

Thursday, 27 January, 2022 - 09:30
The South Sudanese Minister of Foreign Affairs during his meeting with Saudi entrepreneurs in Riyadh on Wednesday, January 26, 2022. (Asharq Al-Awsat)

South Sudanese Minister of Foreign Affairs and International Cooperation Mayiik Ayii Deng has said his country seeks to bolster investment cooperation with Saudi Arabia.

His remarks were made during his current visit to Riyadh to discuss the massive investment opportunities in South Sudan.

He met on Wednesday with Saudi entrepreneurs at the Federation of Saudi Chambers (FSC) and underscored the investment opportunities in Juba, especially in agriculture, energy, livestock and fisheries.

Deng suggested forming a working group from the institutional bodies of the private sector in the two countries to advance bilateral economic cooperation.

He called on Saudi investors to visit South Sudan and be acquainted with the available opportunities, including the free economic zones that are set to be established.

Participants underlined the importance of concluding agreements that contribute to promoting trade and joint investments and constitute a strong institutional framework for future cooperation between the two sides.

Several Saudi investors and companies expressed willingness to invest in South Sudan.

Vice President of the FSC Tariq al-Haidari said the framework agreement signed between Riyadh and Juba could be considered a starting point to enhance bilateral economic ties.

He pointed to the importance of the role played by the business sectors, in light of the great opportunities available for developing trade and investment relations between the two countries.

Saudi businessmen are interested in investing in South Sudan, Haidari said, adding that it is a promising market for Saudi products and a gateway to African markets.

The volume of trade exchange between the two countries amounted to about SAR14.5 million ($3.9 million) in 2021, an increase of 74% from 2020.

Haidari stressed the need to bolster Saudi investors’ confidence by offering a stimulating and attractive business environment.

Editor Picks