Foreign investment in Sudan reached USD 42 billion
20 de julho de 2016
The figure comes in the wake of a government incentive package, according to the countrys minister of Investment Mudathir Abdul-Ghali.
São Paulo – The foreign direct investment stock in Sudan reached USD 42 billion, its minister of Investment Mudathir Abdul-Ghali said on Tuesday (19th). The information was released by Emirates News Agency (WAM).
The minister said this volume was reached as a result of an incentive package put in place to draw investors to the country’s processing industry.
He also said the Sudanese government now allows foreign investors to bring in capital goods, raw materials and technologies instead of the former cash-only approach.
Abdul-Ghali stated that his government allows the repatriation of profits, and said investors can open accounts in local banks using foreign currency, as well as make deposits and withdrawals freely.
Sudan is seen in the Arab world as a good investment destination, especially in agriculture, since, unlike many of its neighbors, it has plenty of land and water available. It draws strong interest, notably from the desert-heavy Gulf countries where food security is a major concern.
International sanctions that hinder access to credit in Sudan, the lack of foreign currency in the domestic market and obstacles to capital repatriation were challenges listed by foreign business owners operating in the country. The possibility, by investors, to bring with them products and services, instead of bringing the funds needed to acquire them, minimizes, partly, the financial challenges.
According to data from the latest World Investment Report by the United Nations Conference on Trade and Development (Unctad), Sudan received USD 1.7 billion in foreign direct investments in 2015, an increase of 39% over 2014, and the highest amount in three years, with the highlight being Chinese investments made in the oil sector. Last year’s investments stock was measured as USD 24.4 billion by the UN’s agency.
*Translated by Gabriel Pomerancblum and Sérgio Kakitani