The National Constitutional Amendment Committee handed over the amendment bill for the investment promotion bill on Thursday.
Addressing the journalists after the event, the undersecretary in the Ministry of Justice and Constitutional Affairs, Isaac Gabriel, said the bill is pivotal in addressing the country’s investment concerns.
“The bill is very important for the economy of the country. It will give incentives and a chance to national, regional, and international investors to grant them their rights wherever they are working,” Gabriel said.
According to the undersecretary, the committee managed to hit a milestone by submitting the 10 bills to the Ministry of Justice, as the minister promised to address the challenges facing the institution in order for them to continue with their work.
Gabriel rubbished the allegations that the Ministry of Justice is delaying the bill, emphatically reassuring that “we normally send the bill to the cabinet.”
“Within the period of three years that I have been the undersecretary of this ministry, we have managed to submit all the bills, and the ministry promised that the bills will be tabled in parliament next week,” he said. He added that people should not worry because the ministry is doing its job properly and transparently.
The chairperson of the national constitutional amendment committee, Gichira Kibara, said the law will guide investors who have certificates of investment in the country.
According to Kibara, there are different areas that need to be strengthened. Such include the way the area of investment is governed by the Ministry of Investment and the Investment Promotion Authority.
Kibara said the certificate will be granted without favour and without corruption in order for the economy of the country to improve. The investors will be mandated to declare their areas of interest in terms of the sectors.
“Through the certificate, the investors will be able to get the working permit and other benefits,” he said.
He added that the bill will also ensure that the “businesses in South Sudan are protected from competition in the sense that if there are businesses that are supposed to be done by the locals, they are protected under this bill.”
If passed, the investment promotion bill will reinforce the efforts put in place by leaders to convince more investors to venture into the South Sudanese market. President Salva Kiir has recently been active in persuading foreign investors to penetrate the South Sudan market. He has hosted a delegation from countries in the Gulf for this purpose. In addition, this year’s Oil and Power Conference closed with a resounding message to investors to consider venturing into the country’s energy sector. However, challenges such as the high cost of electricity present serious tests for investors.