Since independence in 1956, the Republic of Sudan has not enjoyed the opportunity to benefit from its enormous resources and rich treasures due to constant civil wars and conflicts. However, since the recent ceasefire, the situation is, at last, heading towards permanent stability. Firm foundations are now being built to stabilize the country, achieving peace and justice and consequently encouraging investors to look to Sudan for opportunities. So what does Sudan have to offer?
In addition to the known opportunities involving oil and gas, there are dozens of agricultural opportunities in crops such as cotton, peanuts and grains like corn, wheat and sesame, in addition to many fruits and vegetables. Most of these crops are grown for export abroad.
Sudan is also one of the largest producers of Arabic gum and is rich in natural and planted forests, from which wood can be used in building products or manufacturing.
Investment is being encouraged in agricultural projects, with the government having marked over 2 million acres of land for investors. Further opportunities for investment lie in livestock, being one of the biggest meat exporters worldwide.
Turning to mining, the country has yielded nearly 250 tons of gold in the past year and there remains significant virgin land available for expansion. This is to say nothing of other metals, where many prospects remain.
The establishment of modern hospitals provide further opportunity, with medical aid companies taking further advantage of the Investment Law to introduce equipment without customs or taxes, as well as profiting from contracting with medical insurance companies and other agencies in Sudan.
It is also hoped that tourism may flourish in the coming years, with over 400 km of land along the Nile available for the development of luxury hotels and restaurants, museums and the potential for sports tourism by way of golf courses. This is in addition to the many historic sites which could support further tourists – such as the pyramids of Meroe.
The scope for expansion and investment are many, but what are the requirements of investors and are there any advantages and guarantees given to potential investors in Sudan?
Investors are obliged to implement their project within a two years of the issue date of their license, with requirements that they notify the authority of any amendments that occur during the implementation stages and the submission of bi-annual reports.
In return, the authority may approve an investment project with guarantees such as tax and fee exemptions. Investments projects are protected so that confiscations and the seizure, freezing or confiscating of funds is not permissible without a court order, and compensation and recovery of invested funds, machinery, equipment are available for projects that are not implemented.
Importantly, guarantees granted by the administrative bodies cannot legally be withheld. Indeed, the authority may grant additional advantages.
In addition to exemption from fees and customs duties, the minister at the national level may recommend opportunities, such as lands allocated by the various authorities, and numerous accounting and tax benefits.
Further advantages may be granted to those projects deemed to be of greatest benefit to Sudan, such as those directed to less developed areas, helping to achieve integrated rural development and providing work opportunities for local communities.
Projects providing social services contributing to the advancement of the region are also encouraged, as are those that boost charitable endowment or renew natural resources. Any project seeking to reinvest a projects’ profits, or that assists in the states export capabilities may be further encouraged through the offering of additional benefits.
If you are interested in learning more about investment opportunities in Sudan or would like assistance in pursuing an opportunity, please contact your relationship manager or email Najla Obeid at email@example.com