W. Bahr el Ghazal secures $48 million investment pledge
November 21, 2013 (JUBA) – A two day investment conference finished on Wednesday in South Sudan’s border state of Western Bahr el Ghazal resulting in $48 million in investment commitments.
Around 150 participants representing eight international companies, fifty local companies, as well as state and central level government officials attended the event in Wau town, the state capital.
The objective of the forum, according to the document Sudan Tribune obtained, was to showcase the investment opportunities available in priority sectors and to discuss the benefits of investing in the state.
Government and international company representatives at the forum made presentations on their operations and potential areas of interests for investment. Bilateral meetings and discussions with representatives of each potential investor were held with the state government, the results of which were later shared at the roundtable discussions.
Key priority areas identified at the conference included agriculture and forestry, housing and water, energy, physical infrastructure, attracting a total of around $48 million.
Agriculture and forestry attracted a commitment of up to $10 million much of which will be channeled to create a tree plantation, to develop a market for quality wood for finished furniture products and a create a fruit orchard to produce processed fruits for local and international markets.
Such investment, if implemented, will create jobs for up to 400 people in the first five years for tout growers who will be provided with a ready market.
Physical infrastructure saw investment commitments valued at up to $30 million, with investors interested in the construction of housing in Wau for both rental and commercial markets.
“The housing will be solar powered to create self-contained powered communities. The government has also entered into a commitment with an investor who is interested in constructing fuel distribution stations complete with super markets and service stations along the highways to neigbouring states and for a total investment of up to 250,000 dollars”, the statement reads in part.
The state government in a bid to encourage investment in the area, will construct 30 kilometres of paved roads within Wau town. There are also plans to provide street lights for all markets in the town.
Similar plans will later be extended to Jur River and Raja counties through an investment of around $6.4 million dollars.
“The state government will work closely with newly established business registry office in Wau town to facilitate business registration for all international and local investors”, the statement adds.
Western Bahr el Ghazal is one of the states of South Sudan keen to attract foreign investment despite being hindered in this quest by security concerns as well as by a shaky infrastructure and power cuts.
The central government, whose annual budget depends largely on oil exports, is striving to boost the economy but progress has been undermined by the growing challenge compounded with allegations of rampant corruption and mismanagement.
(ST)