Turkey and Sudan will establish a joint agricultural and livestock company, the Turkish government's Official Gazette announced on Thursday.
Turkey's General Directorate of Agricultural Enterprises (TIGEM) will capitalize 80 percent of the Turkish and Sudanese International Agricultural and Livestock Inc., and the Sudanese side will capitalize 20 percent.
The decision to found the company was made under a Turkish-Sudanese agricultural pact signed in 2014.
The bilateral pact aims to rationalize the use of resources and agricultural potential and contribute to sustainable food objectives.
Under the agreement, around 780,000 hectares in Sudan across five regions were earmarked for investment by Turkish entrepreneurs.
Last December, a business forum was held in Sudan when President Recep Tayyip Erdogan visited the country.
The company's organization is set to be completed within 1 year.