New Delhi: Wooing Indic Inc. to invest in sectors other than oil such as manufacturing, agriculture and transportation, investors will now be able to sell their products in oil reach Arab countries by setting up manufacturing facilities in the African nation.
“Investments in Sudan from Indian companies in sectors other than oil is very minimal and does not reflect the warm relationship between the two countries,” Sudanese State Minister for Investment Elsimaih Elsiddig Alnour said while speaking at a meeting organized by industry body Ficci.
Speaking about the advantages in investing in the country, he said Sudan’s economic prospects are promising. It is also a signatory of Arab free trade zone agreement, which provides an opportunity to investors to sell their products in oil rich Arab countries by setting up a manufacturing facility in the country.
Sudan has offered various incentive packages for Indian companies to invest in that country. These include bank guarantees provided by the government on various projects and 5 to 10 years of tax holidays which varies from sector to sector.
“The government has established a ‘one-stop-shop´ for the clearance of foreign investment proposals,” he added.
The minister assured theIndian business community that starting a business in Sudan involved fewer steps, lesser time and substantially lesser cost than in most African countries.
Sudan has huge reserves of oil and natural gas and the public sector company ONGC has invested heavily in Sudan for exploration of oil through its overseas investment arm ONGC Videsh Limited. However, not much investments from India has taken place in other sectors.