Machar urges Wall Street investors to work in South Sudan
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March 9, 2012 (JUBA) - In an effort to promote South Sudan to the
world’s largest investors, the Vice President of the Republic, Riek
Machar Teny, visited the New York Stock Exchange in in the United
States of America on Thursday and held a number of meetings with
leading business people.
Machar told the investors that South Sudan is now a sovereign nation
with business potentials and is free from the debts and sanctions
attached to north Sudan, from which South Sudan seceded in July last
year. The issue of debts is contested between the two nations, with
Khartoum maintaining that South Sudan should share the burden but Juba
has so far refused saying that debt was built up financing the
military in its two-decade civil war with southern rebels.
As well as international debt the two sides are negotiating on a host
of other issues including oil, borders, and the disputed Abyei region.
Despite the tension along the north-south border and internal security
issues a report by the London-based think tank Chatham House in
February found that agricultural investment in South Sudan was higher
then could be expected considering the risks.
Machar told the potential investors that eight month old South is has
huge potentials in oil, agriculture, wildlife and tourism and urged
them to do business in the region.
The Vice President while in New York also met with the American
Ambassador to the United Nations, Susan Rice, and discussed a wide
range of issues including the ongoing post-independence negotiations
between Juba and Khartoum in Addis Ababa.
The main issue under discussion is the shutdown of South Sudan’s oil
production in February over a dispute over transit fees. Khartoum
began confiscating Southern oil claiming Juba owed it $1 billion for
the use of its pipelines and refineries since July when the existing
deal expired.
China, the main importer of South Sudanese oil has urged the two sides
to find a new deal but is also among the countries mentioned in
relation to Juba’s plan to build a new pipeline to Kenya to end their
dependence on using Port Sudan on Red Sea.
Machar also met with the Chinese Ambassador to UN, Li Bidoang who
expressed his country’s strong support to see Sudan and South Sudan
share a harmonious relationship. Ambassador Bidoang described his
country’s relations with South Sudan as “strong as stone.”
Machar will end his two days stay in New York on Friday.
(ST)
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