Completion of arrangements of the Egyptian-Sudanese Foundation

Sudan Events – Nahed Oshi

The Managing Director of the Egyptian-Sudanese Foundation for Economic Integration, Hassan Kamal El-Din Waqi Allah, announced the completion of arrangements to launch the work of the Foundation and the completion of the proposed projects, including the Sudanese Products Exchange, in addition to the free zone in Auseef.
Kamal pointed out in statements to (Al-Ahdath) the coordination between Egyptian and Sudanese companies to exchange goods, indicating that the Foundation is currently doing everything necessary to clarify the vision between the two parties. He considers the Egyptian-Sudanese Foundation for Economic Integration an important means of creating job opportunities and increasing investment while stimulating structural transformation towards more versatile and broader economic models.
Pointing out that the Foundation aims to achieve sustainable development goals through greater economic integration between Egypt and Sudan, in addition to benefiting from the advantages of large production, as the expansion of the market size between the two countries will improve the direction of economic investment by restructuring the movement of goods, labor and capital between countries, which contributes to developing production and keeping pace with technological developments in the various stages of production.
It explains that the Foundation seeks to provide a comprehensive and easy-to-use digital platform for investment, capital management, and commercial contracts of various kinds, and to enable individuals and companies to make decisions on the largest scale for economic integration between the two countries only and various countries, while providing services as an engine for growth and development that are important for generating income and job opportunities, and increasing investment, as well as stimulating structural transformation towards more diverse and broader economic models.
He said that services are not only for meeting local demands for consumption and investment, but are also exported and used as intermediate inputs, and through their significant impact on productive efficiency in other sectors, constitute a decisive factor in countries’ participation in international production networks. In addition to the service sector’s contribution to the institution with large and increasing shares of outputs, job opportunities, and foreign direct investment, and easing trade restrictions between the two countries, as they are geographically closest and easiest in terms of monetary transactions and in various economic fields, and in terms of rapprochement in commercial and social transactions.
Noting that the Foundation is considered one of the main projects and is made up of regional economic groups. While the agreement establishing the African Continental Free Trade Area, in terms of the laws and protocols regulating it, is included in the expanded group of agreements that keep pace with the most important modern differential trade agreements in the world.
He added, despite the importance of the agreement for the path of development in Africa, its economy, and the diversification of its markets, it poses special challenges to the economies of countries characterized by the dominance of the economic sector, which need a reasonable period of time to focus economic diversification policies, and gain the competitiveness required to break into global markets, and compete with goods imported from partner countries in the agreement.
Noting that the Egyptian-Sudanese economy needs to develop an integrated strategy for economic diversification and begin implementing it before fully committing to the terms of the agreement, which is considered a basic condition for the success of the two countries, Egypt and Sudan, in the path of regional integration.