Business in Brief [Archives:2008/1129/Business & Economy]
1.5 billion tones of genetically modified wheat seeds distributed
The General Corporation for increasing genetically improved seeds has distributed over 1.559 billion tones of wheat seeds in 2007, compared to 399 tones in 2006. This was done as a part of a six-year strategy to improve Yemen's food security and encourage local farmers to produce wheat. The corporation is also buying the produce from the farmers at an increased price of 105,000 Riyals per tone from 65,000 Riyals per tone in previous years in order to increase farmers' economic returns.
International trade to increase in 2008
The Ministry of Trade and industry announced that it has licensed 563 new international trade agencies last year, and renewed licenses for another 2122 agencies. This substantial increase in the number of new trade agencies indicate better integration with the international trade market, with special focus on trading with the east, as Chinese companies got the lion share of 77 new agencies, followed by India with 51 new agencies.
Customs Director: Custom exemptions
are corruption hotbeds
Director of the customs authority stated that custom exemptions are corruption hotbeds as they lead to forcing importers to finding questionable ways of seeking exemptions, stating that the government of Yemen had lost over 33 billion Riyals last year alone from these exemptions. The director also stated that they need to complete the customs computerization process and risk management unit to help the authority increase government revenue.
Al-Mutawakel: Corporate Governance is the bases of a stock market
Minister of Trade Dr. Yahya Al-Mutawakel stated that Corporate Governance is very important to the development and expansion of the privet sector in Yemen. He also stated that pushing forward corporate governance is urgently needed in order to help the privet sector vitalize a planned stock exchange.
Agriculture Officials to be prosecuted for corruption
A Source at the ministry of agriculture stated that high level officials will be prosecuted for conspiracy for corruption, for selling a government-owned agricultural company to a privet sector businessman for around 4.3% of the company's worth. The Central Organization for Control and Audit is preparing the background documents for the prosecution.
Anti-corruption authority seeks cooperation
Director of the Supreme National Anti-Corruption Committee stated that the committee is seeking cooperation from all local and international partners and stakeholders in order to help it succeed. He also applauded assistance given by the World Bank, including training and capacity building activities for government officials in order to become more instrumental in combating corruption.
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