Sana'a-Saba:
The draft law aligns with the revolutionary and political leadership's goals, as outlined in the Government of Change and Construction's program and the recommendations of the Council upon its approval. It aims to improve the investment environment by offering incentives, advantages, and guarantees for establishing investment projects with an economic focus that utilizes local resources. This approach seeks to reduce the import bill and create job opportunities.
The report pointed out that the draft law came within the framework of the guidelines through which the government seeks to improve the economic reality, which suffers from great difficulties as a result of aggression and economic blockade, in a way that ensures the creation of the appropriate climate for investment, attracting national and foreign capital, directing it towards investment in the economic, productive, service and infrastructure sectors of national priority, contributing to achieving a diversified economy, providing care and support to small and micro enterprises, encouraging public shareholding companies "IPO" and localizing industries dependent on Domestic production inputs.
The report pointed out that the parliamentary committee tasked with studying the draft investment law was keen during its study of the draft law to include the advantages and incentives of investors who withstood during the years of aggression despite the difficult circumstances that Yemen went through.
The report stressed the absorption of the observations submitted by various parties, in a way that meets the aspirations of the government and the private sector, enhances partnerships aimed at advancing various economic sectors, ensures that all investors benefit from the incentives and benefits stipulated in the articles of the draft law, and makes a qualitative leap in the field of investment in Yemen.
This came during the session, which was attended by the government side represented by the Minister of Economy, Industry and Investment, Eng. Moeen Al-Mahagri, the Chairman of the General Investment Authority, Yasser Al-Mansour, the Authority's Undersecretary Mohammed Al-Farzai, and several specialists in the relevant authorities.
The draft law consists of (99) articles distributed over six chapters, the first chapter includes naming, definitions, objectives, and validity, the second includes guarantees and incentives, and the third chapter contains what is related to the single window, registration procedures for investment projects, granting incentives and benefits, and investor obligations.
Chapter IV included the encouragement and protection of local production and export development, while Chapter V included the purposes, functions, and competencies of the General Investment Authority, the Authority's resources and financial system, and the sixth dealt with the settlement of investment disputes and final provisions.
The Council began its meeting by reviewing and approving its previous minutes and will continue its work sessions tomorrow, Sunday, God willing.
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