Doha: The Qatar Chamber and a Sudanese trade delegation have announced the launch of an economic entity to enhance private sector investments between the two countries.
The announcement came during a meeting between Qatar Chamber members and a delegation of Sudanese businessmen, headed by HE Undersecretary of Planning at the Ministry of Finance and Economic Planning Dr. Mohamed Bashar Adam.
The meeting discussed bilateral cooperation in commercial and economic fields, the involvement of the private sector in strengthening these relations, the investment climate, available opportunities, and collaboration between businessmen in both countries to promote mutual investments and trade.
During the meeting, the "Awj" Investment and Development Program was unveiled. This new African economic entity will have its headquarters in Qatar, with offices in Sudan, Saudi Arabia, and Turkey. A digital financial platform will be established to enhance international investments and trade. An agreement was signed among major companies to establish a Qatari-Sudanese holding company in Qatar's free zones, recognizing Qatar as a prominent investment destination.
The economic entity aims to bolster economic integration between Africa and the Gulf countries through investments in technology, food security, industry, logistics services, minerals, and trade services. It seeks to facilitate the flow of foreign direct investments via a digital financial platform compliant with the financial systems of Sudan and Qatar, promoting transparency and efficiency in commercial and investment transactions.
The entity will support small and medium-sized enterprises (SMEs) in Africa with innovative financing solutions, providing guarantees and technical and financial support to encourage innovation and sustainable growth in vital sectors. Gold supply will enhance financial confidence and provide a stable mechanism for securing investments.
HE Dr. Mohamed Bashar Adam emphasized the importance of leveraging available resources on both sides to strengthen cooperation, mentioning that the signed agreement outlines a roadmap for businessmen in both countries and beyond to create an entity that benefits from financial and natural resources in both Qatar and Sudan, serving the interests of both economies.
His Excellency noted the recent completion of the Investment Promotion Act amendment, favoring foreign investors, and highlighted the importance of economic partnerships in developing his countrys infrastructure.
Board member of Qatar Chamber Mohamed bin Ahmed Al Obaidli praised the distinguished relations between the two countries and underscored the Chambers commitment to enhancing cooperation between the Qatari and Sudanese private sectors.
He highlighted the Chamber's efforts to facilitate mutual investments and the private sector's role in boosting trade exchanges. He encouraged Qatari businessmen to invest in Sudan, which is rich in natural resources and minerals.
Commenting on the economic entity, Al Obaidli described it as a comprehensive project related to mutual private sector investments between Qatar and Sudan, with potential for public sector partnerships. He affirmed that establishing a digital bank would facilitate investors' entry into the African continent.
He pointed out that the entity would focus on developing four main sectors: industry, technology, food security, and mining, operating on a clearing system.
