Sudanese Investments in Ethiopia Hit $2.4 Billion

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Addis Ababa – Sudan is ranked as the second biggest investor in Ethiopia after China with an estimated $2.4 billon in investments, Awad al-Kareem Sa’eed, President of the Sudanese Investors Society in Addis Ababa announced.
He said that Sudanese investors in Addis Ababa are faced with various problems including the lack of a Sudanese-Ethiopian bank; the increasing customs fees on raw materials and that most of lands allocated for investment are located in remote regions too far from the capital.
However, Sa’eed said that the US dollar rate has mostly remained stable in Ethiopia.
Sa’eed disclosed that an agreement was signed with the government of Red Sea state to export salt to Ethiopia and to allow Ethiopian pilgrims to travel via Port Sudan to the Mecca in Saudi Arabia.

Despite difficulties, he said obtaining investment permits and licenses is a very smooth procedure, contrary to Sudan, where according to him; investors suffer from a complicated process and bureaucracy to get permits, which compelled Sudanese and international businesses to move out of the country.
According to the chairman there are 800 Sudanese businessmen registered at the Ethiopian Ministry of Industry, which is in charge of investments in the country. Sa’eed noted that some investors come to Ethiopia in search of business and permenant residence, while others leave the country for personal reasons.

He revealed that the government of Sudan has agreed to supply Ethiopia with specialist medical personnel to help bridge the gap in the medical professions there. He noted that the Ethiopian Parliament is expected to debate a new bill for investment, if approved will raise minimum investment capital from $200 to $3million.