Council to discuss Vision 2030 implementation mechanisms & Al-Bashir’s Initiative on Food Security
The Sudanese capital Khartoum will host next month the third meeting of the Saudi-Sudanese Joint Business Council for developing a mechanism and implementing some of the Kingdom’s goals for the 2030 Vision in Sudan in light of the Sudanese initiative of Arab food security.
Bakri Youssef, the Secretary-General of the Federation of Sudanese Businessmen and Employers, said in a press statement, “The Sudanese side has completed its preparations to hold this meeting, which is the first meeting to take place within the current strong ties and economic relations between the two countries. A number of projects in all agricultural, industrial and service fields have been selected in order to be submitted to the Saudi side for consideration. In addition, potential investment opportunities in Al-Bashir’s initiative on Arab food security have been identified”.
Youssef pointed out, “The meeting will establish a new framework for partnership, a mutual benefit-sharing framework that will serve the interest of both parties. For example, the Saudi market can be utilised to promote Sudanese exports and Saudi international relations can be also utilised in marketing and attracting foreign capital to Sudan.”
Youssef declared, “Both parties tend to engage an international partner in their joint business council in order to strengthen the council’s international presence”.
Youssef added in a press statement, “A significant amount of time will be devoted during the meeting to explore Saudi-Sudanese investment projects and the government has appointed a senior official in the Ministry of Investment in order to be personally responsible for following up on these investments implimentation. A Sudanese investment report released last year indicated more than 395 projects are available for foreign investors with a capital of over USD 11 billion”.
In referring to Sudanese investment constraints identified by former Saudi Finance Minister, Dr. Ibrahim Al Assaf during his visit to Khartoum last February, Youssef said, “The country has amended the Investment Law in order to overcome all constraints and challenges facing Saudi investors and other investors. In addition, the country has also initiated reforms to the procedures and has allowed investors to invest their money in equipment and machinery. Moreover, investment in Sudan currently depends on a strong foundation of clear and precise information as the country has identified all potential investment opportunities and projects that are in line with its economic plans”.
Youssef continued, “A law on public and private partnership in Sudan will be soon issued as the technical committee has finished the draft law. This draft will be referred to a higher committee composed of 11 ministers and government officials in addition to 11 representatives from employers’ federations and chambers of commerce, industry and services”.
Youssef noted, “The law will put an end to inconsistency and purposelessness of policies and will develop a coordinating mechanism that will govern the relationship between both parties and serve their best interests, through utilising potentials of the private sector in production and government services. This approach will protect the private sector and secure all its domestic and international operations, and will create a powerful structure for those who operate in this sector”.
The joint business council between the government and the Sudanese private sector is a great forum that gives both sides an opportunity to narrow the gap and share the same views on various economic issues, particularly investment issues. The council will also have a significant and leading role in solving many problems that hinder private sector development in the future.
The new council will strive to solve and overcome the private sector problems with the government. Most of these problems arose due to conflicts of competence, policy inconsistencies and lack of transparency. Moreover, there is also a conflict of interests in the private sector itself, which would become clear when importers meet manufactures and exchange points of view. This underlines that the new council will overcome obstacles facing both countries towards a successful & beneficial partnership.
