1. At the Republic of Korea-Sudan high-level policy consultation held on April 12, a day before an anniversary of the bilateral diplomatic relations, Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon hailed Sudan having been lifted of the US economic sanctions in 2017, 20 years after they had been imposed; and discussed with Undersecretary Abdel-ghani Elnaim of the Sudanese Ministry of Foreign Affairs ways to bolster post-sanction economic and trade ties between the ROK and Sudan.

※ The ROK and Sudan established diplomatic relations on April 13, 1977.

2. Deputy Minister Yun noted that Sudan, which has a great potential for economic growth attributable to its vast farmland and abundant water and mineral resources, and the ROK, which is highly competitive in agricultural, livestock, mining and machine manufacturing industries, have a massive potential for cooperation. He asked that Sudan cooperate to improve its investment environment for Korean companies in order to facilitate such close cooperation as that can be seen from Daewoo Group’s investment in Sudan in the 1970s.

° Deputy Minister Yun asked Sudan to cooperate toward an early ratification of the bilateral agreement for the avoidance of double taxation and conclusion of another on guarantee of investments in a bid to better protect legally and institutionally Korean companies operating in Sudan. He also requested Undersecretary Elnaim’s attention to and support for efforts to resolve challenges facing Korean companies operating in Sudan.

※ Sudan’s population of 40 million and gross domestic product make the country the third largest market in Africa worth $114.8 bln. Due to its vast and fertile farmland and abundant water resources from Nile River, the country used to be called the “breadbasket” of the Arab region and Africa. It has more than 1.5 bln barrels of oil reserves and is Africa’s third-largest gold exporter.

※ In the 1970s, Daewoo Group, in view of the strategic significance of Sudan that connects the Middle East and Africa, invested more than $100 mln in various areas, including the manufacturing sector, banks and hotels, becoming the largest investor in Sudan.

3. Undersecretary Elnaim brought attention to the fact that the US economic sanctions had permanently been lifted in October 2017 and that the US and Sudan were expected to resume in the near future negotiations on the possible removal of Sudan from the list of state sponsors of terrorism, adding that a favorable business environment is in the making for Korean companies wishing to build presence in Sudan. He went on to ask for the ROK government’s support for Korean companies, interested in building presence in Africa, to make robust investment in Sudan, a bridgehead connecting Africa and the Arab region.

4. The two head delegates to the meeting also discussed ways to step up cooperation in such sectors as development, education and culture, as well as on the international stage; and exchanged views on situations in the ROK, Sudan and other parts of the world.

° Undersecretary Elnaim extended appreciation to the ROK government for contributing greatly to the sustainable development of Sudan, including through the Korea International Cooperation Agency (KOICA)’s construction projects for an agricultural technology training center and vocational training center in Khartoum.

* unofficial translation