Sana'a - Saba:
The Board of Directors of the General Authority for Investment (GAFI), in its meeting , chaired by Prime Minister Ahmed Ghaleb Al-Rahwi, approved on Tuesday the draft investment law, and decided to submit it to the Council of Ministers for discussion and approval, in preparation for referring it to the parliament, and completing the constitutional and legal procedures for its issuance.
The board had discussed the draft law submitted by the Economy, Industry and Investment Minister Engineer Moeen Al-Mahakri, and the Minister of Finance, Abdul Jabbar Ahmed, which was prepared by the relevant government agencies in the General Authority for Investment, with the participation of the private sector and other relevant parties.
The new law aims to organize, encourage and attract Yemeni and non-Yemeni capital to invest in the Republic of Yemen in the sectors subject to the provisions of the law after its issuance, within the framework of the state's general policy and the goals, priorities and directives of the state and leadership in economic and social development.
Al-Mahakri reviewed the efforts made in preparing the draft law, which will contribute to reducing pressures , speeding up procedures and transactions for investors, maximizing the use of local inputs and encouraging public shareholding companies, explaining that the law and its practical application will be supported by a number of draft laws, which will soon be submitted to the Ministers' Council, that will further contribute to improving the investment environment.
He reviewed the roles of various government agencies, especially the Ministry of Finance, the Central Bank of Yemen and the private sector, partners in the preparation of the draft investment law, indicating that investment laws are mobile , subject to the interactions , changes in the economic reality, and are subject to amendment if necessary.
The report provided a brief overview of the programs and plans implemented by the Authority within the framework of the tasks entrusted to it under the investment law in force and the directives of the supreme leadership and the government, explaining the steps taken in the areas of policy advocacy, evaluation of the investment experience during the past years , the previous period, and the most prominent indicators reached.
It pointed to what has been achieved in the field of investment generation, especially with regard to the stock of investment opportunities, especially in sectors of importance to the economy.
The report mentioned what has been achieved in the aspect of preparing industrial zones, especially in Al-Hodeida city , and the stock of investment opportunities available in it, touching on the Authority's efforts in the areas of promotion, awareness and the creation of a single window, as well as clarifying the capabilities and logistical capabilities it possesses.
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