Sudan passes new investment law

Sudanese President Omar al-Bashir signed the investment promotion bill into law Tuesday. Sudanese National Investment Authority chief Ahmed Shawer said the new law will attract capital by removing obstacles in the way of investors and adding incentives to investment, including VAT exemptions and a 10-year grace period for large strategic enterprises. Red tape will also be simplified for investors' benefit and investing in underdeveloped areas will carry with it even larger incentives. The bill was approved by cabinet in January, superseding the 1999 law. According to the new law, investors will be awarded enterprises and land within a month of their application. They will also be protected from nationalisation and confiscation, which can only be carried out with a court order. Investment Minister Mostafa Osman Ismail said the law took over a year to complete and underscored the need for Sudanese officials to promote investment in their country abroad.