Addis Ababa, May 15, 2024 (FBC) – The Vice President for Infrastructure Cluster of the Republic of South Sudan, Taban Deng Gai, stressed the need for Ethiopia and South Sudan to invest in oil and gas to strengthen their economies.
Gai, who spoke during the second day of the Ethiopia-South Sudan business and investment forum in Juba on Tuesday, stated that the two countries need to exhaust the energy sector to leverage the benefits.
“We have Ethiopia as a business competitor. So, you will discover that when you apply the rule of competitive advantage, there are things that you can produce simply in Turkey, and there are things that you can produce simply in South Sudan. I have been mentioned by the minister of foreign investment,” Deng said.
He added, “But when you are working for South Sudan, and as I said earlier, we value very much the economic ties between Ethiopia and South Sudan. Let me suggest some of the areas where we should invest more. On the side of South Sudan, you have the oil and gas.”
Deng said South Sudan could supply Ethiopia and other nations with oil if the two engage in bilateral trade.
“We are discussing with the government of Ethiopia how to put up a fight in the oil field of tourists. When the fight is working, then we will supply Ethiopia, South Sudan, even part of Sudan, and part of the Anti-Congo and Central African Republic,” he added.
He noted that Ethiopia purchases $6 billion worth of petroleum goods from other countries every year and averred that Ethiopia’s economy might be strengthened if it were to purchase oil from South Sudan.
“You may know that Ethiopia imports petroleum products worth more than $6 billion every year. $6 billion to buy petroleum products from Haiti, maybe from other countries. If this is [between] companies in South Sudan and Ethiopia, this will enhance the economy faster,” he said.
“So oil and gas is a very important area. You should put your money there. It is an area that we can also mention,” he stressed.
The investment forum organized in Juba sought to provide a platform on which the two countries could brainstorm and come up with ways to cooperate economically.