Investment Magazine/Exclusive
A historic day for Yemen, opening new horizons for investment and economic development across all sectors. On Sunday, December 15, 2024, the Yemeni Parliament, chaired by Yahya Ali Al-Ra'i, approved the final version of the Investment Law for the year 1446 AH. The session was attended by the Minister of Economy, Industry, and Investment, Eng. Moeen Al-Mahaqri, the Chairman of the General Investment Authority, Mr. Yasser Al-Mansour, along with a number of experts and specialists.
The law consists of 99 articles aimed at:
- Regulating and Encouraging Investment: Attracting both domestic and foreign capital across various sectors, in line with the country’s public policies and economic and social development priorities.
- Creating an Attractive Investment Environment: Establishing a stimulating investment climate that contributes to building a diversified and sustainable national economy.
- Supporting Small and Medium Enterprises: Promoting and supporting small, micro, and community-based economic projects.
- Stimulating Specific Sectors: Encouraging projects related to energy generation, machinery and equipment manufacturing, infrastructure development, and projects based on local production inputs.
- Enhancing Domestic Production: Increasing local production rates, reducing import bills, achieving self-sufficiency, protecting local production, developing exports, and improving the balance of payments.
- Supporting the Manufacturing Industries: Encouraging investment in manufacturing industries, and promoting the transfer and localization of priority industries, particularly those related to the agricultural and fisheries sectors.
- Enhancing Food Security: Supporting agricultural, livestock, and fishery production, along with projects to strengthen food security.
- Promoting Competition: Encouraging public shareholding companies, opening the door for competition, and preventing monopolies.
The law also outlines the responsibilities of the General Investment Authority in formulating national investment policies in alignment with the country’s economic and social plans and implementing a national investment promotion strategy. It emphasizes the importance of public-private partnerships, the creation of investment zones and clusters, and providing the necessary support, services, and facilities to investors. It also highlights the need for conducting research and studies related to the investment climate.
The session concluded with a review and approval of the previous meeting’s minutes.
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