By Alier Makuer Gol
First of all, permit me to appreciate and thank the Ministry of Finance and Planning with its partners for organizing this important event. It is a prodigious footstep from the minister of Finance and Planning to initiate this tremendous 1st National Economic Conference in the history of South Sudan.
This is an indication of willingness to reconstitute and restore back the fragility of our economic and political mistakes. Since South Sudan became independent in July 9th, 2011, there has been no economic freedom for the citizens to enjoy the fruits of independence and therefore, there is a solemn prerequisite for economic transition from economic doldrums.
Prominently, If the conference is free from political interests, by allowing locals, regional and international economists, expertise and business professionals to liberally express their proficient viewpoints to bounce insight on challenges, weaknesses, threats and opportunities that are facing South Sudan’s economic instability, this vital conference will help South Sudan realize her economic potentials. The economic conference can be essential to a country like South Sudan which has a fragile economy for several reasons as follows.
Policy direction: The conference allows policymakers, with experts, economists, and business leaders from various sectors to share their experience, knowledge, skills on how to break the chain of economic derails. This interaction can provide valuable insight and recommendations for policy formulation addressing issues such as trade barriers, regulatory reforms on monetary and fiscal policies, infrastructure development, transparency and accountability, and choosing the economic political systems fit for our country. The conference can also act as a platform for stakeholders to collectively shape the economic agenda and set a policy direction and hence, a country without economic direction is a country without political direction.
Attraction of investment: The economic conference provides an opportunity to showcase the investment potential of the county. By highlighting the gifted natural resources, infrastructures, and incentives available, the conference can attract both domestic, regional and international investors to actively participate in investment portfolios that can contribute to economic growth and development. These investments can help stimulate economic growth, job creation and diversify the economy.
Networking and partnership among the economic stakeholders: The Economic conference facilitates networking opportunities for domestic regional, and international businesses, government officials and developmental partners. Networking can lead to partnerships for joint ventures, technological transfers, and knowledge sharing. By fostering cooperation, the conference can support the development of strategic alliances that are crucial for economic progress.
Capacity building: The Economic conference offers topics such as economic planning, reform agenda, technology advancement, and entrepreneurship. This topic can be discussed in sessions such as workshops, seminars, and training sessions. This event can provide valuable capacity-building opportunities for entrepreneurs, policymakers, and government officials. The capacity building is essential for enhancing skills, and knowledge, which can contribute to the implementation of effective economic policies.
Regional and international recognition: Initiating an economic conference can bring regional and international visibility and recognition and the country’s willingness to change from the bad face of economic and political instability. It sends a message that the government is committed to addressing economic challenges and is open to collaboration and partnership. This recognition can enhance the country’s reputation and attract further international support, aid and investment.
Public engagement. The economic conference creates a platform for public engagement and participation. If properly organized, the conference will include a panel discussion, questions and answers, and an exhibition, allowing citizens to voice their concerns, suggestions and aspirations regarding the economy. Public engagement promotes transparency and accountability in economic decision-making processes.
In conclusion, the economic conference provides numerous benefits for a country like South Sudan with a weak economy. It can attract investors, provide policy direction, facilitate networking and partnerships, offer capacity-building opportunities, enhance international recognition, and promote public engagement. Through these avenues, the 1st National Economic Conference can contribute to the revitalization and development of the country’s economy through diversification, effective financial management and allocation of our scarce resources.
The writer is 2nd year Student, BMA-finance, –University of Juba And hold a Bachelor of Art in Economic from Catholic University of South Sudan. He can be reached via email: aliermakuerdit@gamil.com Contacts: 0980074162/0922817363