Khartoum — The Minister of Investment Mubarak Al-Fadil has announced enactment of a new Investment Act to engross the developments and provide additional facilities and privileges to investors, particularly in the less developed and development-targeted areas, pointing out that the ministry encourages the imports-replacement and exports-augment projects as well as granting concessions for reoperation of the idle projects.
The minister said, in a statement before the National Assembly Monday on the performance of the ministry for 2017 and its plan for 2018, the approved projects during the first half of 2017 amounted to 1,079 projects concentrated on the manufacture of oil, printing and publishing and iron industry alongside the production of meat, juices, construction and contracting. He added that the projects also included road transport, roads and bridges and tourist activity.
Al-Fadil added that the ministry received 5,984 of various dealings through the single-window operation ranging between the request for a new license and the granting of facilities and privileges in accordance with the National Investment Encouragement Act for the year 2013.
The Minister pointed out that the most vital projects in the Ministry's plan for 2018 included the development and modernization of investor services systems, completion of the preparation and implementation of the investment blueprint, private sector sponsorship and reoperation of suspended projects.
The minister pointed out to the challenges facing investment such as the limited view to the privileges granted to the investment projects as a deduction on state revenues and the instability of economic, financial and monetary policies.
The minister called for increasing of funds to the investment projects in the year 2018 and the rule of investment law to facilitate the flow of the investment process in the country.