Sudan enters the New Year strongly, the economic platform is steady, the business environment is ready to receive investments influx
, the lifting of sanctions on 6th of October last year paved the way , tens of bilateral economic forums were organized and hundreds of agreements were signed at both regional and international levels.
The most significant economic event in 2017 is “lifting of US sanctions” which have been paralyzing economic activities for 20 years, since 1997 people have been worrying about livelihood, the government development projects.
The government has welcomed the US decision and promised economic stability, US companies and business houses paid regular visits to Sudan to discuss investment opportunities, the second important economic event in 2017 is the visit of Recep Tayyip Erdogan who supported tourism investment. Sudan and Ankara agreed to increase the volume of trade exchange from US$ 550 million to US$ 10 billion to be achieved within the coming years, the significance of the visit bases on the Turkey economic progress that occupied the world’s number 16 as a G 20 member.
This visit also enabled Turkey private sector to invest in Sudan, the volume of Turkish businessmen totaled US$ 2 billion, United Kingdom government and businessmen promised to invest in oil, during the economic forum held in London in November 2017.
A serial of economic forums conducted included Saudi and Morocco business houses.
The challenge faces the economic activities is investment regulations and banking transactions, the governor of the Central Bank of Sudan has recently announced that US and EU Banks are ready to transfer money, while the minister of Investment Mubarak Al-Fadil stated that laws and regulations were set to address the challenges and to attract investors.
The 2018 budget allocated billions of SDGs to fund agriculture, animal resources and encouraging Banks to finance poor people according to the micro-finance projects that directed by the president of the republic who ordered all Banks to specify 12% to support micro business.
The third important development in terms of business is remittances investment, before sanctions nearly US$ 11 billion the volume of money transcended by expatriates which considered more than oil revenue, the sanctions affected the movement of remittances, the government should have to set an attractive laws that encourage them to invest in their home.
The Central Bank has issued order to the commercial banks to hand expatriates’ transactions in hard currency, this move can contribute to decrease the rapid increase of US$ rate.