Al Tayer receives Sudanese Minister of Finance and National Economy

ABU DHABI: Obaid Humaid Al Tayer, Minister of State for Financial Affairs, has received Badr El-Din Mahmoud Abbas, Sudan’s Minister of Finance and National Economy and Ahmed Al Siddiq Abdul Hai, Sudan’s Ambassador to the U.A.E., in the presence of a number of officials from both parties.

The visit provided an opportunity for the two parties to discuss ways of enhancing cooperation between the U.A.E. and Sudan across various fields, including intra-regional business investments, where U.A.E. investors would be encouraged to set up projects in Sudan, as well as negotiations on ways to further capitalise on agreements and Memoranda 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 to protect as well as promote investments, which were signed between the two parties in 2011.

Obaid Humaid Al Tayer welcomed the Sudanese minister and his delegation to the U.A.E., saying, “The U.A.E. has established close fraternal ties with the Republic of Sudan and the Ministry of Finance is committed to sustaining this strong relationship, particularly in terms of financial and investment work. As such, the two ministries have managed to provide a legal framework which contributes to the promotion and protection of investments as well as removing tax obstacles.”

Al Tayer added, “The Federal Government’s strategic plan aims to strengthen the capacity of both U.A.E. 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 U.A.E.’s national economy and markets which foster their investments. The Ministry of Finance is confident that the Sudanese market is a promising environment for U.A.E. investments.” Badr El-Din Mahmoud Abbas highlighted the Sudanese Government’s commitment to nurture an attractive investment climate, which he said 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 fund transfers and developing infrastructures in various regions of Sudan.

Mr. Abbas also stressed the great support provided by the Sudanese Government for the investment sectors, particularly across the agriculture and livestock industry, whereby the Sudanese Government has adopted a number of programmes which include the construction of dams and irrigation canals to further develop this sector. He said that these programmes are the most important step to attracting organisations to invest in the agricultural sector.

SOURCE: WAM