Southern Sudan
Southern Sudan launches investment law
Parliament in Juba, Southern Sudan, earlier has finally passed its new investment code, now waiting on Southern Sudan President Salva Kiir Mayardit to acquiesce and sign the legislation to law.
Included in the new legislation are specific key economic areas, where the government of Southern Sudan expects investors to participate in coming months and years.
A new Investment Authority is now also due to be launched shortly to administer the sector. An investment license will be granted to foreign based investors against a capital expenditure of at least half a million US dollars or equivalent other hard currencies. Tourism, hospitality and aviation are among those key sectors.
Before being granted an investment license the proposals will be vetted towards a sound employment and training policy of the project to ensure young Southern Sudanese people can find job and career opportunities.
Use of local resources and value addition to the local economy will also be of consideration. Successful applications will attract an automatic 2-year renewable work permit for key personnel.
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