Joint investment firm to boost Saudi-Sudan links

MENAFN | 4 April 2013
Upcoming Saudi-Sudan Business Forum will establish a joint investment company to harness Sudan's resources in agriculture and livestock in line with the foreign economic policy of Custodian of the Two Holy Mosques King Abdullah.

(MENAFN - Arab News) The forthcoming Saudi-Sudan Business Forum will be marked by the establishment of a joint investment company. The forum is scheduled to take place in the capital for two days from April 13.

The Council of Saudi Chambers (CSC) is hosting the forum. The CSC, in cooperation with the Sudanese Businessmen and Employers Federation, is making arrangements to host the event.

In addition to the participation of local businessmen, 70 representatives from the public and private sectors in Sudan will participate in the forum.

Minister of Agriculture Fahd Belghonaim and Sudanese Minister of Investment Mustafa Osman Ismail will attend the opening ceremony as special guests.

Abdul Salam Mohammed Khair Khazi, director general of the Sudanese Businessmen and Employers Federation, said in a statement that the proposed company would be established in Sudan with joint capital from the two countries. It will harness Sudan's resources in agriculture and livestock in line with the foreign economic policy of Custodian of the Two Holy Mosques King Abdullah. Moreover, it will also explore the possibilities of marketing Saudi poultry in Sudan.

Khazi said the two parties hope to draw a road map for future economic activities between the Kingdom and Sudan, whereby investment opportunities will be identified for the mutual benefit of both countries.

The forum comes as part of the efforts to strengthen economic relations between Saudi Arabia and Sudan, CSC Secretary General Khalid Al-Otaibi said, adding that the forum was one of the recommendations issued by the Saudi-Sudanese joint committee in its last session.

"The forum aims to explore potential investment opportunities in Sudan and discuss current and expected partnerships between the business sectors in both the countries, in addition to seeking solutions to the challenges faced by some Saudi investors in Sudan," he said.

Al-Otaibi noted that the forum represents one of the mechanisms that both parties rely on to advance trade and investment cooperation between the two countries in the coming years.

He commended the efforts of the joint business council led by Jeddah Chamber of Commerce and Industry President Saleh Kamel on the Saudi side in developing and consolidating these relations further.

"During the forum, investment opportunities in Sudan will be discussed in various sessions, in addition to general policies governing the sector as well as the experience of Saudi investors in Sudan. In addition, workshops, exhibitions and meetings between Saudi and Sudanese businessmen will be held alongside the sessions to further discuss available enterprises in Sudan.

The trade volume between Saudi Arabia and Sudan was estimated at SR 3.42 billion in 2011. Livestock including sheep, goat, cattle and camels constitute the Kingdom's most important imports from Sudan, while the most important goods exported from the Kingdom to Sudan include petrochemicals, plastics and papers.
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