New Hope for South Sudanese Businesses as Kiir and Machar Reach Agreement
January 12, 2020(Nyamilepedia) — South Sudan’s President Salva Kiir and the opposition leader Riek Machar have finally agreed to form a unity government by February 2020 after long talks held in the capital, ending rising tensions in the country and giving Sudanese people hope for lasting peace in the region. This is great news for every South Sudanese citizen, and more so for those who have been waiting to start businesses in the country. The demand for goods and services in South Sudan is extremely high, making it one of the best African nations for both locals and foreigners to invest in. However, starting a business in a country that has been experiencing civil unrest for decades can present a unique set of challenges. Fortunately, there are various things aspiring businessmen can do to increase their chances of success when starting a business in South Sudan.
Commitment for the long-term
Although the agreement between Salva Kiir and Riek Machar is a huge step towards lasting peace in South Sudan, truly transformative results don’t happen overnight and there’s still a good chance that things could go south at some point. As such, investors need to understand the long-term nature of their investments in South Sudan and come up with ways to overcome expected and unexpected setbacks. Since situations may change very quickly, they need to plan a variety of contingencies and establish swift decision-making apparatuses that allow them to make rapid decisions when needed.
Building stronger ties with the local community
It is important for any business to, first of all, have a good understanding of the local community and also build a good relationship with them. Not only will this afford a business more loyal customers, but it will also help managers keep abreast of the issues that may affect them. Plus, if things were to go wrong, any business is better off with members of the local community in its corner. A great way for businesses to build a good relationship with the community is by investing their time and resources in community development projects, particularly programs aimed at helping children. One such project that is desperately needed in many parts of the country is the provision of safe water, food and housing to the needy children. Businesses can do this on their own or in collaboration with various humanitarian organizations operating in the country. They can also offer scholarships and start mentorship programs aimed at arming the kids with valuable skills and knowledge.
Seeking business insurance
The political and security situation in South Sudan is still fragile and can deteriorate quickly. As such, securing specialist insurance is vital for every business operating in the country. Various insurance companies are currently operating in South Sudan with all sorts of insurance policies designed to cater to the special needs of South Sudanese businesses such as property terrorism and sabotage, fire and special perils, goods in transit, among others. With proper insurance, investors can rest assured that their businesses are adequately protected if anything was to go wrong in the country.
Starting a business in South Sudan is not for the weak-hearted. It requires meticulous planning, a good understanding of the local community, and the hope that your business will succeed despite the challenges. The risk is high, but for the ones who are brave enough to dive in, the rewards can be extraordinary.
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