The Ministry of Trade and Industry has officially launched the Country’s first National Trade Forum, which aims at bringing solutions to business and trade hitches.
The two-day forum is dubbed “understanding private sector challenges and solutions on matters that affect the business environment for sustainable consultation.”
In her remark, Minister of Trade and Industry, Atong Kuol Manyang claimed that economic instability was caused by weak information and technology, poor infrastructure, and recurring conflicts.
She stated that South Sudan depends largely on oil exportation, but fighting since 2013 has severely hampered oil exports, causing an economic collapse.
Tong argued that if the government had tested peace, it would have pursued exploitation in other sectors such as agriculture, industry, manufacturing, and mining.
“I believe within the challenges lie opportunities for strategic solutions that will drive our economy forward. However, we must take charge of our economy. Because nobody will come somewhere to try and hold it. Private sector cannot work alone in isolation,” she said.
Minister of trade stressed that in order to have a stable market, there is a need to ensure that every business operates under the legal framework.
Moreover, minister Atong called for the boosting of interest rates, promote economic growth and political cooperation, and cooperate with regional trading blocs such as the East African Community, Tripartite Free Trade Area, African Continental Free Trade Area and World Trade Organization.
“To achieve this, it will be important to reduce or eliminate non-tariff trade barriers. Like quotas, tariffs and other restrictions,” Atong noted.
“As I conclude, the expected outcome of today’s trade forum will provide a clear actionable recommendation on how to fully capitalize on the opportunities for South Sudan to restructure its economy through navigating all the trade challenges within as well as in the region and across the continent,”
Onyeti Adigo, Minister of Livestock and Fisheries, applauded the initiative and lauded the ministry of trade for arranging the forum.
He underlined the need for market guidance and stated that the forum’s goal is to build a legal foundation for economic progress.
“This is a very important meeting, and we have to appreciate the young minister, dedicated to his country. I could say this dedication to the country. We need to guide our market. As South Sudanese, you are of nation. I just quite disagree with the Honorable Commissioner General,” he asserted.
However, Ben Gideon Mabor, Undersecretary in the Ministry of East African Affairs, reaffirmed the ministry’s commitment to collaborating with investors to promote economic development.
“We are going to work together to make sure that we are bridging the gap that is between the business and the government, or between the private sector and the government. Because at the end of the day, all of us are consumers,” he stressed.
The forum brought together corporate investors from both the private and public sectors to explore solutions to South Sudan’s economic woes.
