By Fath El Rahman Abdalla El Sheikh
Even though constructing nations require overseas funding for progress, traders frequently stumble upon a number hindrances within the current monetary order. This comparative examine of 2 constructing international locations with comparable socio-ethnic backgrounds--the Sudan and Saudi Arabia--considers how foreign and Islamic legislation have developed in new instructions in post-Soviet years. subject matters comprise incentives and amenities for overseas traders, funding treaties, funding assurance courses and treatments for aggrieved traders.
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The reverse is true with regard to Sudan, whose crippling financial inability prevents it from shouldering any responsibility for infrastructural development. Ironically, the Encouragement of Investment Act, 2000, as we shall discuss in the coming chapters, makes investments in the basic infrastructure one of the strategic projects which are open for foreign investors. And, consequently, foreign investors are required to undertake in Sudan the expensive constructive task of building their own infrastructure even in non-strategic projects.
On the contrary, there is now a widespread trend towards privatization. Finally, an increasing number of countries are revising their intellectual property regimes and adopting new competition laws. It has been reported by UNCTAD that these numerous and diverse changes in policies at the national level in respect to all aspects related to foreign direct investment and transnational corporations’ activities are a significant part of the context of discussions about a possible multilateral framework on investment.
And because of the involvement of the NIF government in an assassination attempt on President Hosni Mubarak of Egypt in June 1995 in Addis Ababa during the summit of the Organization of African Unity, the UN Security Council had imposed international sanctions against the Sudanese government under Chapter VII of the Charter of the United Nations. In 1998 the United States imposed unilateral economic sanctions against the Sudanese government, which have had devastating effects on the economy. Determined to tighten its grip on all aspects of activity, the NIF not only manipulated political power to the exclusion of others, but also reserved for its members and supporters complete monopoly over trade, investment and all other economic activities.