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HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE recently received HE Badr El-Din Mahmoud Abbas, Minister of Finance and National Economy of the Republic of Sudan and HE Ahmed Al Siddiq Abdul Hai, Ambassador of Sudan to the UAE; in the presence of a number of officials from both parties.
The visit took place at MoF’s headquarters in Abu Dhabi and provided an opportunity for the two parties to discuss ways of enhancing cooperation between the UAE and Sudan across various fields including intra-regional business investments, where UAE investors would be encouraged to set up their projects in Sudan, as well as negotiations on way to further capitalise on agreements and memorandums of understanding set up between the two countries. These treaties included an agreement signed in 2000 regarding the encouragement and reciprocal protection of investments, the avoidance of double taxation agreement signed in 2001, along with agreements to establish a free trade area, and a protect as well as promote investments , which were signed between the two parties in 2011.
HE Obaid Humaid Al Tayer welcomed the Sudanese Minister of Finance and National Economy and his delegation to the UAE. HE said: “The UAE has established close fraternal ties with the Republic of Sudan and MoF is committed to sustaining this strong relationship, particularly in terms of financial and investment work. As suchthe two ministries have managed to provide a legal framework which contributes to the promotion and protection of investments as well as removing tax obstacles.”
HE added: “The Federal Government’s strategic plan aims to strengthen the capacity of both UAE public and private sector investors, in order to promote their geographical expansion in a safe, viable and sustainable manner, as well as to support their ability to provide benefits to the UAE’s national economy and markets which foster their investments. MoF is confident that the Sudanese market is a promising environment for UAE investments.”
HE Badr El-Din Mahmoud Abbas, Minister of Finance and National Economy of the Republic of Sudan highlighted the Sudanese Government’s commitment to nurture an attractive investment climate, which it will achieve by making a number of amendments to some of the country’s laws. These changes will support Sudanese banks as well as enhance their ability to provide advanced services, specifically in terms of funds transfers and developing infrastructures in various regions of Sudan.
HE Abbas also stressed the great support provided by the Sudanese Government for the investments sectors, particularly across the agriculture and livestock industry; whereby the Sudanese Government adopted a number of programmes which included the construction of dams and irrigation canals to further develop this sector. HE mentioned that these programmes are the most important step to attract organisations to invest in the agricultural sector.
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