ECONOMY Sudan ‘needs $500 billion investment’

ANKARA – Anadolu Agency
Sudan needs $500 billion investment in various sectors: Turkish business leader

Sudan needs an investment of nearly $500 billion in various sectors, the acting president of the New World Industrialist and Businessmen’s Association (YENİAD) Harun Macit has said.

Macit said the major drawback in Sudan is inadequate production technology.

He added that Sudan is among the top three African countries in terms of gold and copper mines, and Turkish businesspeople can play an important role in the country’s mining industry.

“Due to the lack of proper mining technology they [Sudanese people] have limitations. Beneath the surface, a large amount of precious metals are waiting to be explored,” he said.

Macit urged Turkish businesspeople to establish a system to process those metals and integrate them with Turkey’s gold exchange market to provide overseas finance for Sudan.

He said five consortiums were set with Sudanese and Turkish businesspeople in the fields of construction, energy, mining, agriculture and machinery during a business trip organized by YENİAD in February.

“Preliminary agreements worth $1.2 billion were signed between Turkish businesspeople and Sudanese ministry officials along with private sector representatives during the visit,” Macit said.

“We believe that those business agreements will be confirmed this year and completed in five years,” Macit said.

He noted that the construction consortium includes building roads, bridges, hotels, schools and infrastructure works.

“We also plan to establish a factory in Turkey to process Arabic gum to be sold world-wide from Turkey,” he said.

In 2014, Turkey and Sudan signed an agreement to rationalize resources and agricultural potential and contribute to sustainable food objectives.

Under the agreement, around 780,000 hectares across five regions were earmarked for investment by Turkish entrepreneurs.

He added that talks were underway for establishing livestock laboratories based on international standards in Sudan.

“We have made some agreements on livestock as Sudan is one of the largest animal-breeding countries in Africa,” Macit said, adding that the move will enable Sudan to import worldwide.

In February, $50-million agreements in the fields of water and energy were signed, including the construction of a dam on the River Nile.

“We also offered Sudanese officials cooperation in software education by providing a turnkey system for schools in the country,” he added.

He said the association is also planning to make similar business agreements in Malaysia, Morocco, Pakistan, Jordan and South American countries, this year.

Turkey’s exports to Sudan totaled $395.2 million in 2017 while imports from the country stood at $86.2 million.

Harun Macit, YENİAD, Sudan, economy, Turkey, investment, Africa

Leave a Reply