JUBA, March 24 (Xinhua) -- South Sudan is looking towards shoring up non-oil revenues by diversifying its economy to hitherto unexploited natural resources such as the coveted Gum Arabic, fruit and vegetable sectors, a government official said.
William Anyuon Kuol, the minister for trade and industry, said Saturday at the Nimule border town with Uganda, that under the newly introduced South Sudan National Export and Investment Strategy, they have identified Gum Arabic as an essential commodity to earn foreign currency as the country widens its sources of revenue.
"There are more people outside, interested in Gum Arabic, they were partners to the Sudan government but now they want that partnership with us," Anyuon said during the opening ceremony of the branch of the Bank of South Sudan at the main border entry point.
South Sudan, which relies 95 percent on oil revenues to finance its annual fiscal budget, faces hurdles to exporting its crude oil through Port Sudan due to conflict in neighboring Sudan.
Anyuon said that they have set up a plan, which will see the central bank purchase Gum Arabic from local producers to sell it to foreign markets to earn foreign currency and in turn stabilize the ailing economy.
Gum Arabic is a dried exudate obtained from the stems and branches of acacia trees. It is soluble in water, edible, and used primarily in the food and soft-drink industry. It is also used in printing, paints, glues, cosmetics, and various industrial applications, including viscosity control in inks and textile industries.
Anyuon said that he recently issued a ministerial order to regulate the harvest and export of Gum Arabic. He also noted that the nation is looking forward to tapping into other unexploited natural agricultural resources such as honey, fruit and vegetable sectors that have ready markets in China, Japan and other Asian countries.
From November 2023 to January 2024, South Sudan exported about 150,000 barrels per day of crude oil to international markets, but currently, its oil exports have been disrupted due to a blockade imposed on the Red Sea by Houthi militants, who have been attacking cargo ships since January.