Sudan offers 3-fold package for Indian investors

New Delhi, Aug 7 (UNI) Offering a 15-30 per cent rate of return on investment, access to governmental agencies and a continuous review of the investment climate, Sudan State Minister for Investment Elsimaih Elsiddig Alnour, today invited businessmen to invest in the country.

Referring to Sudan an attractive investment destination, Mr Alnour offered the Indian business a three-fold package for investing in the country's infrastructure and economy.

''The medium and long-term outlook envisages a growth of 8-10 per cent, low inflation and rising foreign exchange reserves,'' said Mr Alnour.

He added that investors would be provided tax and customs incentives like five to 10-year profit tax holiday, no discrimination between domestic and foreign investors, permission to repatriate capital profit and staff remittance, customs exemption on all capital goods, no need for local partners.

He also ensured availability of land at concessional rates, provision of flexible arbitration choices in the event of a dispute, no confiscation, nationalisation or freezing of foreign assets and permission to re-export machinery, equipment and instruments.

The Government of Sudan has brought about several institutional changes over the past several years to promote foreign direct investment.

''The Government has established a 'one-stop shop' for the clearance of foreign investment proposals. Procedural changes have substantially improved the conditions for doing business with and in Sudan,'' said Mr Alnour.

Sudan began exporting crude oil in 1999 and increased oil production has helped sustain GDP growth at 6.1 per cent in 2003.

These gains, along with improvements to monetary policy, have stabilized the exchange rate. With rising oil revenues the Sudanese economy is booming at a growth rate of nearly seven per cent in 2005.

Sudan has rich mineral reserves of petroleum, natural gas, gold, silver, chrome, asbestos, manganese, gypsum, mica, zinc, iron, lead, uranium, copper, kaolin, cobalt, granite, nickel and tin.

Sudan has had a history of political upheaving. But, over the years, the country using its mineral reserves, improved its economy to become one of the fastest growing economies of Africa.

UNI