Following the passing of new legislation that has decentralized investment structures and increased transparency and efficiency – leading to rising foreign investments – Sudan now looks to strengthen its business ties with Gulf partners
Thanks to Sudan’s recently amended Investment law, doing business in the country has never been easier. The landmark new bill represents a massive improvement in the country’s business climate, demonstrated by a new influx of foreign investments from around the world recently.
The investment law – first implemented in 1999 in the midst of Sudan’s oil boom and responsible for some $31 billion worth of investment in the country over the last fifteen years – was updated last year.
“The law eases the procedures of starting commercial businesses based on the unified window (one-stop) system, due to significant reform of investment regulations,” says the Commissioner of the Khartoum Investment Encouragement Commission. “The new decentralized structure has increased investor access to regulatory bodies, helped increase transparency, accountability and efficiency, and has also served to expand capabilities, and establish more investor-friendly processes, allowing more investments to flow into the country.”
In the context of promoting investment abroad, aside from launching the new law the Ministry of Foreign Affairs in coordination with the Ministry of Investment and other relevant bodies have organized a number of important economic forums in some European capitals over the past few years (Vienna, Berlin, Madrid, Rome and Prague) with the aim of diversifying foreign investments in Sudan. These forums have resulted in the implementation of a number of important investment projects in the country.
For many years Sudan has received Arab investments from Saudi Arabia, Kuwait, United Arab Emirates and Qatar, in particular, as well as Asian investments from China, India, Malaysia, Korea, Pakistan and other countries. These investments, which cover many sectors, have contributed to raising the economic growth of Sudan during this period. Today, Sudan is looking to harness its rich natural resources to attract even greater investment and turn it into one the region’s top business destinations once again.
“We have developed our rules and institutions to such an extent that between the year 2000 and 2010, Sudan was one of the top business destinations in the region for attracting foreign direct investment,” says Sudan’s Minister of Investment. “This is why Sudan last year took a very important decision to work hard in order to regain its position as the primary destination for FDI in the region.”
Indeed with effective legislation, mechanisms and infrastructure all finally being put into place, Sudan is now looking to open up its land to more business than ever before.