ECONOMY BRIEFS [Archives:2001/21/Business & Economy]

May 21 2001

KSA Welcomes Yemeni Businessmen Delegation 
Emir Sultan Bin Abdulaziz, Prime Minister’s second vice, welcomed in Jeddah Yemeni Chamber of Commerce and Industry chairman, Mr. Abdullah bin Ali al-Sunaidar and his accompanying businessmen delegation. They held talks of mutual interest to the two brotherly countries, especially as the Yemeni and Saudi businessmen intend to establish investment partnership. 
Jordan & Yemen Hold Joint Supreme Committee Meeting 
The Yemeni-Jordanian Joint Supreme Committee will hold its eighth round meetings next July, in Aman, headed by the two Municipality Ministers of the two countries. The meetings aim to enhance agreements and joint cooperation program in various fields. On the top of the agenda Jordanian trade exchange field project of free trade between the two countries and opening the Yemeni market to the Jordanian fertilizers will be discussed. The meeting is also to call upon the investment establishments to enhance the establishment of joint investment projects. 
Trade exchange between the two countries have reached about 13 million Diner including 2,11 million Diner as exports from Jordan. Jordan’s exports can enjoy good marketing in the Yemeni markets including medicine and food stuffs. However, these projects face competition as they have no customs privileges. 
GDP Goes UP 
A report issued by the Central Bank of Yemen indicated that the total gross domestic product (GDP) has witnessed a remarkable growth in 2000 reaching 6,5% in comparison to 3,8% in 1999. Balance of payment made $ 1241 million surplus in 2000, while the trade balance made $ 1263,5 million in the same year, the report indicated. The Central Bank reserves and gross income of the hard currency have reached to $ 2822 million by the end of 2000 in comparison to $ 1352 million in 1999. 
The report also highlighted the monetary development, banking and credit developments and the financial activities of the Yemeni Central bank. It also contained the local public debt which decreased from YR 265 billion in 1999 to YR 168,6 billion by the end of 2000. Foreign debt had also decreased by 1% in 2000 in comparison to 4,8% in 1999. 
On the other hand, Yemeni cabinet decided to extend the period for liquidating committee of the industrial Bank to 31/12/2001 which is the deadline to close the liquidating account. On the deadline the account is to be added to the government’s account. The Central Bank governor was authorized to take necessary measures to that effect. 
ALSIU Chairman Reviews Yemeni Laborers’ Conditions 
Arab Laborers Syndicate International Union chairman Mr. Hassan Jamam met with a number of officials in the Syndicates General Union in Yemen. In the meeting, he reviewed activities of the branch and the responsibilities it takes to serve the syndicate union. He expressed willingness to fully cooperate with the Yemeni Laborers Union in various fields so as to enhance the role of the Yemeni syndicate movement. 
Moreover, a seminar on “To Enhance Syndicates Roles to Defend Rights and Freedoms”, was held in the Yemeni Laborers Syndicates Union coinciding with to the World Labor Day. A number of papers were presented relating to privatization as part of the economic reforms policies and how laborers’ can make use of them to improve their conditions. Yemeni laborers conditions in Yemeni laws are also discussed. International and Arab labor agreements were also reviewed. 
Projects to be Inaugurated in IBB 
The number of developing and public projects to be inaugurated in Ibb on the occasion of the 11th anniversary of unity on May 22 reached 54 at an estimated cost of YR 2,069,826,486 and $ 56 thousand respectively. 
The projects which would be commissioned are 46 while foundation stones will be laid for 8 projects. 
Marine Discussion Meeting Winds up 
A meeting on how”To Activate, Develop and Protect the Marine Wealth and Enhance Its Role in Food Security”, a Marine discussion meeting was organized by the Ministry of Fish Wealth. In the meeting the Fish Institute and Sea Science Research Center presented the fourth report to promote pisciculture. Ministry branches’ reports were also reviewed and discussed. 
The meeting came out with some recommendations reviewing the ministry bylaws mixing of authorities of debts units; adding the amendments necessary to modernize tools and completing the establishment of the administrative divisions towards the classification of units cadre.