Tue, 21 Sep 2021

KHARTOUM, Sept. 12 (Xinhua) -- Sudan is mulling the allocation of six investment sectors for Saudi Arabia under a plan to attract investment to address the country's economic issues.

"There are six sectors to be reviewed during the forum, including energy, electricity, mining, transport and communication, fishery and railways sectors," said Al-Hadi Mohamed Ibrahim, Sudan's minister of investment and international cooperation, at the opening session of a Sudanese-Saudi investment forum here on Sunday.

At the event with the participation of organizations, companies and businessmen from the two countries, the Sudanese minister expressed hope that understandings would be reached regarding these investment sectors.

He stressed Sudan's keenness to remove all difficulties facing foreign investors, saying "the circumstances are currently suitable for investment."

He said that Sudan's investment ministry has made great strides in unifying investment procedures through the establishment of a single window.

The Sudanese government was seeking to promote investment and encourage the private sector in a bid to establish an infrastructure that is conducive to attracting foreign investments.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley expressed Saudi Arabia's readiness to enhance economic and commercial ties and investment with Sudan in a manner that benefits both countries.

He referred to directives by the Saudi government to discuss investment opportunities in Sudan in the fields of energy, infrastructure, agriculture and telecommunication.

Meanwhile, Chairman of the Saudi-Sudanese Business Council Hussein Saeed Bahri was reported by the Sudan Tribune website as saying that the size of the standing Saudi investment in Sudan currently amounts to 4 billion U.S. dollars.

He noted that Saudi investors are expected to double that sum as soon as possible.

"Sudan enjoys promising opportunities, and we have directives from the Saudi leadership to invest in Sudan in the different fields under wide opportunities in mining, agriculture, animal and fishery resources, communications, ports, roads and railways," said Bahri.

The transitional government in Sudan is seeking to attract foreign investment, especially from the Gulf countries, to support the country's reform and stumbled economy.

In March, the Saudi leadership vowed to establish a special investment fund for Sudan in which Riyadh would contribute 3 billion dollars and invites Gulf countries to contribute to the investment fund.

Saudi Arabia is expected to launch agricultural, animal and tourist projects in Sudan.

In July 2021, the Saudi capital of Riyadh hosted a similar investment forum which was organized by the Saudi investment ministry with the participation of 40 Saudi companies and businessmen to get acquainted with the investment opportunities in Sudan.

Recently, the Sudanese government carried out economic and legislative reforms on the investment law, including incentives and guarantees, and a public-private partnership law.

The reforms also included an anti-corruption law, reforms in the banking system, a single window law, digital transformation and the removal of obstacles.

According to the Sudan Tribune website, Saudi Arabia invests in more than 500 agricultural, industrial and service projects in four Sudanese states, including 145 projects in the industrial sector.

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