National, News

Ministry of Justice receives amended Investment Act

By Bida Elly David


National Constitutional Amendment Committee (NCAC) on Thursday handed over the National Investment and Promotion Act amendment bill (2023) to the Ministry of Justice and Constitutional Affairs.

The Bill will regulate investors and investment activities to ensure the smooth running of investments across the Country.

Speaking to journalists after the handing over, Gichira Kibabra the chair of the committee said the bill acts as a landmark to improve investment environment in South Sudan.

“We strengthened investment governance by making sure there are clear provisions to apply for investment certificates on known criteria without favor or corruption,” he said.

He noted that the Investment Act contains laws that enable local investors to have a completive investment advantage over foreigners.

“We have also ensured that the businesses in South Sudan are protected from unfair competition in a sense that if there are some businesses to be done by locals, they are not taken up by foreigners,” he said.

Mr. Gichira added that some provisions categorized the nature of businesses that locals will run without foreign intervention due to their nature.

“We have also put provisions that will protect investors so that they have confidence bringing money from all over the world to come and establish business here,” he noted.

He further underscored that attracting foreign investors in South Sudan will partly resolve the unemployment problem by mitigating crimes.

The bill also provides the establishment of space economic zones enabling the Country to establish particular areas for importing and exporting goods aimed at generating revenues.

He also ensured that the provision has eased business registrations where registration processes are done in one office rather than moving from one ministry to another.

“We have eased the registration processes of businesses through the endorsement of transaction licenses known as a one-stop shop where you go to one office and get a license you need,” he said.

However, Mr. Gichira said there are still four more bills that are in the process of completion.

“We have only four laws outstanding, the mining act, the national pension act, the transport act, and finally the telecommunication act,” he said.

He said the four bills shall most probably be accomplished in February next year if they are properly facilitated.

“If we are properly facilitated particularly by the government, in terms of the payments of the members so that they are able to attend meetings to finish our work,’’ he said

Meanwhile, Dr. Isaac Awow the undersecretary of the Ministry of Justice appreciated the NCAC for the efforts made in amending the bill.

He said the bill shall next week be tabled before the Council of Ministers for deliberations and approval.

“We are delighted to receive the chair of NCAC to hand over to the ministry of justice the amendment bill of investment promotion, this bill is important for the Country’s economy,” he said.

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