Investment Magazine
Prime Minister Ahmed Ghaleb Al-Rahwi participated in the presentation event for the 1446 AH - 2024 Economic Stimulus Program, held on Monday, November 4, 2024, organized by the Ministries of Economy, Industry, Investment, Finance, Transport, and Public Works, with the attendance of various relevant authorities.
The program, developed by the Ministries of Economy, Industry, Investment, and Finance, includes 11 sub-programs aimed at stimulating investment, improving the business environment, fostering social economy and local industries, implementing a mechanism for state land management, supporting public and private sector investments, and activating and regulating the real estate development sector.
Additionally, the program encompasses collaborative efforts to update the oil and mineral sector’s map and data, joint initiatives to strengthen the telecommunications and IT sector in coordination with the Ministries of Communications, IT, and Oil and Minerals, and aligning educational outputs to serve economic stimulation in partnership with the Ministry of Education and Scientific Research, alongside media coverage by the Ministry of Information to monitor progress.
In his speech, the Prime Minister emphasized the significance of the program and its critical measures for national economic stimulation. He praised the spirit of collaboration that characterizes the program and its strategic objectives, which take into account the current circumstances and leverage available resources for the benefit of Yemen and its people.
He highlighted the government’s responsibility to provide necessary protection for investors and their investments, create an encouraging environment for this vital sector, and ensure its stability and contribution to the economy.
The Prime Minister commended the achievements attributed to the collective efforts of the Ministers of Economy, Industry, Investment, Transport, Public Works, and Finance, anticipating further accomplishments that would benefit the nation and its citizens.
Minister of Economy, Industry, and Investment, Engineer Mo'in Al-Mahaqari, noted that the economic stimulus project comprises detailed programs aimed at enhancing economic growth and improvement. He stated, "This project represents a beacon of hope for improving the country's economic situation by operating within the available capacities while considering current challenges and mobilizing local potential, embracing domestic capital, and encouraging local investment to contribute to economic growth, and fostering partnerships between the public and private sectors."
He pointed out promising investment opportunities in infrastructure, particularly in the energy and transport sectors, highlighting that investment in these areas would enhance the investment climate.
Al-Mahaqari explained that his ministry has an ambitious plan with the Ministry of Transport and Public Works for investments in the transport sector and ports, recognizing its role in economic improvement.
Finance Minister Abdul Jabbar Ahmed Mohammed referred to government efforts to enhance the business environment and encourage investment, noting a new mindset and strategies to improve the economy despite current hardships through comprehensive collaboration and efficient use of local resources and opportunities. He praised the Ministry of Economy's efforts in improving the investment climate and economic stimulation through new approaches and affirmed the Ministry of Finance’s support within the unified governmental framework of change and development.
He highlighted the new investment law, which establishes a solid foundation for investment in Yemen and provides a range of incentives.
Transport and Public Works Minister Mohammed Ayyash Qahim asserted that the Government of Change is committed to advancing the economic landscape through numerous initiatives, despite the difficult conditions in the country. He stressed the importance of redoubling efforts in the economic field as it is essential for national resilience, emphasizing cooperation among the Ministries of Transport, Public Works, and Economy in enhancing investment in transportation services and ports, as well as real estate investments by removing obstacles to foster economic improvement.
Yasser Al-Mansour, Chairman of the General Investment Authority, highlighted the importance of partnerships with the private sector and presented some benefits offered by the new investment law, including protections and assurances for domestic capital.
Ali Al-Hadi, Chairman of the Chamber of Commerce and Industry in the Capital Secretariat, praised the government's efforts to strengthen cooperation and partnership with the private sector. He noted that local products require support and protection for expansion and lauded the efforts of the Ministries of Economy and Finance in their localization and protection policies for local products, as well as in facilitating private sector processes, considering these as pivotal for economic growth.
Fouad Al-Janid, Head of the Evaluation and Development Unit at the Ministry of Economy, Industry, and Investment, presented the economic stimulus program, outlining its projects and activities.
During the event, attended by Dr. Ismail Al-Mahaqari, Head of the State Legal Office, and Deputy Minister of Economy Ahmed Al-Shoutari, Abdul Fattah Al-Dhawaid, Undersecretary of the Ministry of Economy for Business Environment Services, reviewed the legislative amendment projects currently underway in collaboration with experts and related entities, noting the recent completion of the e-commerce law.
Arwa Al-Qubati, Director of Information Systems at the ministry, showcased the ministry's electronic portal services and plans for full digital transformation within the coming months.
Altaaf Al-Ghafari, Head of the Ministry’s Communication and Coordination Office, presented an overview of the e-commerce law and its importance in regulating this sector and protecting stakeholders.
The event was also attended by Ministry officials including Mohammed Qatran, Undersecretary for Domestic Trade and Market Stability, Ayman Al-Khulqi, Undersecretary for Industry, and Fouad Howaidi, Assistant Undersecretary for Foreign Trade and Export Development.
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