Foreign direct investments (FDI) in South Sudan increased to reach around $1 billion, compared with $250 million in fiscal year (FY) 2016/17, according to the South Sudanese Investment Authority’s Secretary-General, Abraham Maliet Mamer, Bloomberg reported.

After ten months of relative stability, investments grew noticeably and further increases are expected, according to Mamer, with around 400 investors considering investment opportunities in South Sudan, especially in the production of crude oil, mineral resources, and agriculture industries.

“I am optimistic in 2019/2020 we will go beyond $1 billion if this peace prevails,” Mamer said in a recent interview.

The list of interested investors include companies from Egypt and Dubai.

Meanwhile, South Africa plans to invest $1 billion in oil exploration in South Sudan, as well as $30 million in a telecommunications network through MTN.

The government will neither block dividend repatriation nor demand guarantee payments, and investors will be entitled to five-year tax holidays and reinvested profits will be entitled to discounts.