French-Yemeni investment and trade partnership [Archives:2004/729/Business & Economy]

April 15 2004

Yemeni and French political and economic relations come under the reciprocal interests and benefits and also the partnership that pours in interest of French exports to Yemen.
Yemeni president Ali Abdulla Saleh's regular visits to France have resulted in deepening the two counties' relations and contributed to attract French companies for investing in Yemen especially in areas of oil and gas. In this regard the French Total company is exploiting some oil fields in the governorate of Shabwa and obtained, along with other world companies, a concession contract for exporting natural liquefied gas from Yemen, but for reasons related to external markets the project has not been operated yet.
In appreciation of France for the economic and political reforms in Yemen, a meeting of the French-Yemeni cooperation committee's third session was held in Paris on 7 November 2003. The meeting discussed the establishment of a partnership between the two countries aimed at assisting Yemen in development and offering support for democratic program and human rights in the next three years.
France has decided to include Yemen among its priority program for solidarity where it has given Sana'a a special significance in getting annual direct assistance in areas f supporting animal wealth with 2.5 million Euros and a help in supporting education projects as well as backing issues of development and economic and financial reform.
the Yemeni government appreciates the support offered by France in area of development and cooperation in reducing burdens of debts and coordination between the two countries in fighting terror.
The central apparatus for statistics mentions that the value of Yemeni imports from France in 2002 amounted to 18.298637 million riyals whereas the value of Yemeni exports to France amounted to 10. o44.011 million riyals and re-exporting operations at 389.872 thousand riyals
The balance of payment during the same year reached to YR 17.464790 million but it tilts towards the French exports to Yemeni market.