The Assistant Foreign Minister of the UAE for Economic Affairs concluded his visit to Sudan on Wednesday, during which he held successful trade talks with officials of the economic sector to activate UAE government investments in the country, which do not exceed one billion dollars.
The Assistant Foreign Minister for Economic Affairs, Mohammed Musharraf, announced his government’s intention to promote social, economic and trade cooperation between the two countries in light of the current economic conditions, stressing his country’s keenness to work with Sudan to explore more investment opportunities and increase trade exchange between the two brotherly countries.
He said that his visit to Sudan with his accompanying delegation, which lasted three days, during which he held talks with ministers and businessmen in the UAE Employers’ Union and investors, had the aim to investigate the causes and problems of UAE investments in Sudan and boost them with private sector intervention in improving economic and investment relations between the two countries.
The UAE minister said that a number of countries that have succeeded in attracting UAE investments thanks to their investment environment, facilities and opportunities, pointing out that investment in Sudan needs continuous legislation in practice and credibility. Capital does not usually venture into an unhealthy investment climate.
He added that the current UAE investments in Sudan exceed one billion dollars, while the volume of trade exchange between the two countries is about 3.5 billion dollars, which puts the UAE in the first place for the largest countries in trade, if it raised to four billion dollars by the end of this year.
The UAE official pointed out that the sanctions and the US blockade on Sudan is one of the reasons for the faltering of UAE investments, which prevented banks and international banks from transferring money to and from Sudan, despite the lifting of the blockade in October last year.
He added that the coming period will witness more memorandums of understanding and bilateral agreements that will raise the ceiling of UAE investments, stressing that the UAE government is seeking to increase the volume of investments and trade exchange between the two countries.
The ambassador added that the volume of UAE investments in Sudan will reach seven billion dollars in a short period. He pointed out that UAE investments represent an advanced position especially in the field of food, security and mining oil.