Importance of Economic Investment [Archives:1998/01/Business & Economy]

January 5 1998

The services and products offered by national investment projects will certainly help open the way to export our local commodities abroad, and bring in hard currency into the country. In addition, these projects can help reduce unemployment. Thus, the increase in investments helps raise the living standards of the people and consolidate the national economy. As a result of this, the government pays great attention to investment. According to Law No. 22 of 1991, the government established the General Investment Authority (GIA) as an independent body to supervise investment projects. This law aims to encourage and organize the investing of national and international capital in the framework of the government’s general policy and the goals of the National Plan for Economic and Social Development. The law has recently been amended in order to facilitate the setting up of investment projects, and to offer more tax exemptions. The total number of projects licensed by the GIA and its branches in Aden, Hadhramaut, Taiz and Hodeida, right from its establishment until December 96, and the number of new job opportunities created by these projects are as follows:
These projects are distributed according to investment sectors and the number of employees in these sectors:
As a result of the facilities, privileges, services, and information given to investment projects in Yemen, the total number of projects licensed by the GIA and the number of new jobs created during the time between January and June,1997 is as follows: The industrial projects are represented by a series of factories all over the country. For example, the GIA has during this year licensed factories to manufacture leather and plastic shoes, paint, soap and detergents, cement, gas cylinders and some other products. The Agricultural projects are represented by several farms and nurseries and the fishery projects offers a series of fish canning factories. To help the growing of tourist investment, several hotels, parks and beach cabins are being erected. Service projects include health projects represented by private hospitals and clinics which are opened throughout the country. Educational projects include the establishment of private schools, institutes and universities. So, all of us hope that Yemeni emigrants will come back one day and, with their saving, share in improving the Yemeni economy.
Jameel Moghram, Yemen Times