BUSINESS

S. Korea discusses post-sanctions economic cooperation with Sudan

By Yonhap
  • Published : Apr 12, 2018 - 21:00
  • Updated : Apr 12, 2018 - 21:01
South Korea and Sudan held a high-level policy consultation meeting on Thursday to discuss strengthening economic cooperation in the wake of the lifting of American sanctions on Sudan last year, the foreign ministry here said.

(Yonhap)

Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon welcomed the lifting of 20-year-old sanctions and discussed cooperation with Sudan's Undersecretary Abdel-ghani Elnaim, according to the ministry.

In October 2017, the U.S. government dropped the economic sanctions, which were imposed in 1997 for the African country's support for terrorism and violations of human rights. The sanctions, including bans on American oil, finance and other trade with Sudan, had a profound effect on the African nation's economy.

Yun said that their economic cooperation would have great potential if Sudan's rich water and mineral resources were matched with Korea's competitive agricultural and dairy industries, as well as its advanced manufacturing sector for mining machinery, the ministry said.  

He called on Sudan to improve its investment environment so that more Korean companies can actively invest. He also stressed the need for the speedy ratification of a Korea-Sudan double tax avoidance agreement and the signing of an investment protection agreement. 

Elnaim called for the South Korean government's support for Korean companies willing to make inroads to Sudan, indicating that Sudan's forthcoming negotiation to remove the country from the U.S.
list of terrorist sponsor nations would further open up business opportunities for Korean companies.

In addition, the two sides discussed ways to heighten bilateral exchanges in sectors like development, culture and education, as well as their partnership on the global stage, the ministry noted. 

The meeting was held one day before the countries mark the anniversary of the establishment of their formal diplomatic relations on April 13, 1997. (Yonhap)

LEADERS CLUB