Sana'a - Investment Magazine / Special
In a fruitful discussion session, organized by the Yemeni Business Club (YBC) in cooperation with the General Investment Authority, an awareness and discussion seminar titled "The New Investment Law: Between Current Challenges and Future Aspirations" was held today, Monday, February 17, 2025, under the patronage of His Excellency Minister of Economy, Industry, and Investment, Engineer Maen Hashem Al-Mahqari, with the presence of Professor Yasser Abdulkarim Al-Mansour, Chairman of the General Investment Authority, and Dr. Mohammed Al-Ansi, President of the Yemeni Business Club.
During the seminar, His Excellency Minister Al-Mahqari presented a comprehensive overview of the new investment law, emphasizing the importance of genuine partnership between the public and private sectors. He pointed out that this meeting represents a starting point for fruitful cooperation, as the law includes clear incentives aimed at encouraging investment and developing local production. He urged business leaders to fully comprehend the law to support new directions in the coming phase.
The Minister affirmed the government's serious efforts to retain current investors and reassure them by removing obstacles they face, stating that they serve as a bridge for attracting new investors. He noted that Yemen spends billions of dollars annually on importing food and clothing, calling for investing a portion of these funds within the country by boosting local production and reducing reliance on imports.
The Minister discussed the ministry's efforts to facilitate judicial procedures to ensure the continuity of projects without disruption. He also confirmed that the new law provides real guarantees for the protection of capital and the transfer of profits, in addition to protecting local products from unfair competition and encouraging the use of local raw materials to increase added value.
He emphasized the importance of exploiting infrastructure challenges and turning them into promising investment opportunities, proposing new partnership models with the private sector in this area.
The Minister reviewed the plan for localizing industries and increasing reliance on local production to achieve self-sufficiency and bolster the national economy, noting that the clinker industry has achieved a production of 537,000 tons in just one and a half months, saving $65 million annually.
He directed business leaders to engage with the market and submit proposals for developing local industries to be active partners in achieving economic development.
On his part, Professor Yasser Abdulkarim Al-Mansour, Chairman of the General Investment Authority, affirmed during the seminar that the 2025 Investment Law was designed to serve the private sector and investors across all industries, aiming to benefit the state, national capital, the private sector, and Yemeni society alike, while enhancing the state's performance.
Al-Mansour explained that digital platforms and electronic gateways are part of the solutions offered to investors and the private sector, indicating that digital transformation and automation across all sectors aim to provide greater assurances to the private sector and investors.
Engineer Mohammed Ahmed Al-Fazra'i, Head of the Projects Sector at the Authority, also participated in the seminar, acting on behalf of the Head of the Promotion Sector.
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