Home | News    Thursday 20 March 2014

Sudan seeking to solicit more investment from China

separation
increase
decrease
separation
separation

March 19, 2014 (KHARTOUM) – The Sudanese ministers of finance and oil held talks on Wednesday with the head of the Export-Import Bank of China Li Ruogu in Beijing to discuss role his bank can play in financing more development projects in Sudan and strengthening economic partnership between the two countries.

JPEG - 23.2 kb
Workers for the China Petroleum Engineering & Construction Corp (CPECC) construct new oil facilities in Sudan. (Photograph: Trevor Snapp/Bloomberg/Getty Images)

Ruogu underscored China’s commitment to economic cooperation with Sudan and disclosed that they are close to completing the process of financing the new Khartoum airport after finishing the technical data and the related financing agreement .

He also said that the bank is positively Blue Nile Sugar Factory and the Omdurman-Bara road projects.

The two Sudanese officials also met with executives at the China National Petroleum Corporation (CNPC) to discuss ways to boost oil production in Sudan and increasing the capacity of the Khartoum refinery.

Both sides affirmed the importance of cooperation between them and the need to develop and expand it to serve as a model for cooperation between China and developing countries.

They also hailed the great attention and care that oil cooperation receives from the leaderships of Sudan and China.

The Sudanese ministers also held meetings with managers in several other Chinese banks as well as officials of the Chinese Communist Party and the leadership of the State Committee for Energy and head of companies that have projects underway in Sudan.

China has been Sudan’s largest foreign investor particularly in oil and telecommunications after western firms shunned the East African nation due to conflicts and sanctions.

But a report by Reuters cited growing difficulties facing Chinese investments as a result of the deteriorating economy.

China’s exports and imports to and from Sudan, which totaled $11.5 billion in 2011, amounted to just $3.3 billion in the January-November period of 2012, according to official Chinese data quoted by Reuters.

The drop in oil trade accounted for much of that decline. But even while the oil industry has been shut down trade has continued to fall. In the first five months of 2013, Chinese exports to Sudan fell 8 percent from a year earlier to $1.7 billion, the data shows.

Sudan has seen its economy take a nosedive after the south became independent in July 2011, taking with it three-quarters of the once united country’s oil output. According to figures from the International Monetary Fund (IMF), the country’s GDP contracted by 4.4% in 2012.

After the country’s partition, the Sudanese government was forced to undertake austerity measures including one last September that triggered violent demonstrations across the country.

The Sudanese pound has lost more than half its value, pushing inflation rates to record levels given that the East African nation imports most of its food.

As a result, foreign investment companies operating in Sudan are suffering from the shortage in hard currency and continue to complain about losing millions of dollars when buying it from the black market.

More recently it was revealed that a number of Saudi and European banks took a decision to stop dealing with Sudanese banks.

Sudanese officials attributed the move to pressure by the United States which has comprehensive economic sanctions imposed on the East African nation since 1997.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 20 March 2014 06:45, by Oppressor

    Good step & well done job..

    repondre message

    • 20 March 2014 09:03, by Johndumo14

      Dr Riek Machar spokesman says,our forces have withdrawn from Malakal for tactical reasons. We will however retakethe town soon.He talk like stupid person,come even if you come 100 times,you are the loser after all nuer children are to suffer,no food ,no education,This is not the first time SPLA are at war with only Nuer rebels,they did in 1991 and they will do it Again even if you join Bashir.

      repondre message

      • 20 March 2014 13:27, by Oppressor

        Jeng Johndumo14 if Machar joined hand with us then say bye bye to all dinka in south ya baleed..

        repondre message

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Lawlessness in Darfur unabatedly continues 2016-06-30 06:06:12 By Mahmoud A. Suleiman Darfur remains passing from bad to worse until the lawlessness reached sky-high stage and the anarchy epidemic it the unarmed peaceful citizens in kill off. The National (...)

Nile Cooperation akin to teamwork in sports 2016-06-28 12:20:36 By John Rao Nyaoro For any football team, you have the goal keeper, defenders, midfielders, strikers and the coach. These entities blend together so as to secure victory for their team. (...)

Unity of Bentiu communities 2016-06-26 22:54:17 By Hon Lam Tungwar Kueigwong The Northern Liech State Government, under the Leader of Gen. Salva Kiir Mayardit President of Republic of South Sudan and the State Governor Dr Joseph Nguen (...)


MORE






Latest Press Releases


Sudanese students, activists are at risk of torture: HRW 2016-05-25 14:40:51 Human Rights Watch Sudan: Students, Activists at Risk of Torture Free Detainees; Investigate Abuses (Nairobi, May 25, 2016) – Sudanese national security officials have detained dozens of (...)

South Sudan: Civilians Killed, Tortured in Western Region 2016-05-24 22:01:01 Human Rights Watch For Immediate Release South Sudan: Civilians Killed, Tortured in Western Region Provide Justice for Army Abuses in Western Regions (Nairobi, May 24, 2016) – South Sudanese (...)

Open Letter to President Salva Kiir and 1st Vice President Dr. Riek Machar 2016-04-18 12:36:12 South Sudan Women United April 15, 2016 Your Excellencies: South Sudan Women United writes to congratulate you both on the steps you are taking towards ending violence in South Sudan and (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.