Economic News [Archives:2001/35/Business & Economy]

August 27 2001

1835 Public Works Projects
The Public Works Project will implement about 1,835 projects during the year 2003 at the estimated cost of USD147 million funded by the World Bank and other donor agencies. These projects are aimed at providing basic services projects such as dams, water catchment reservoirs, schools, health care centers and sewerage networks.
Establishing Free Trade Zone between Iraq and Yemen
At the conclusion meeting of the third round of the Yemeni-Iraqi Joint Higher Committee, Yemen and Iraq agreed upon the creation of a free trade zone. Moreover, the two sides signed other cooperation agreements related to transportation and telecommunication. However, the decade-old trade sanction imposed on Iraq will not enable the two sides to go ahead with these agreements.
Shrinkage in the Private Sector Activities
According to businessmen, the private sector activities are shrinking in the different fields due to the unavailability of a strong infrastructure for investment. Furthermore, the investment-related regulations and the government bureaucratic procedures have further worsened this situation.
Exchange of Yemeni-Syrian Expertise on Free Zones
Officials from the General Authority for Investments and the Syrian General Corporation for Free Zones agreed upon enhancing the exchange of expertise in this field. During the visit of the Syrian delegation, issues related to boosting investments in Aden Free Zone and ways of enhancing them were also discussed.