In Brief [Archives:2002/16/Business & Economy]

April 15 2002

Investment partnership growing between Yemen and South Africa
Officials from South Africas Commerce and Industry are looking to invest in Yemen, and officials here are looking for ways to make that happen.
The South African officials came to Yemen recently to discuss investment opportunities in sectors, such as mining, gold and oil exploration.
Economic statistics indicate that Yemen is able to boost its trade of agricultural products and oil derivatives, and attract more tourists.
Tiani Zolo, the General Director of Economic Development at the Ministry of Commerce of South of Africa, Tiani Zolo, said the visit was fruitful.
Yemen is interested in this initiative to make use of mining surveys and exchange information in marketing and exports to enhance trade relations with other countries.
Tourist losses evaluated
In 2002, Yemen will lose an estimated US $200 million in the field of tourism as a result of the Sept. 11 attacks and other growing political problems in the Middle East, according to some experts.
The Tourist Promotion Council has been looking at such things during the last six months.
Yemen to join Arab Free Zone
The Arab Cabinet has approved Yemen’s access to the Arab Free Zone.
A transitional period has been allocated by the Arab League Council decision to accept Yemen as a member of the Arab Free Zone.
Participants have agreed on that Yemen’s custom and tax duties imposed on Arab goods will be reduced at regular intervals starting from 2004 to 2010.
Islamic Commerce Conference to be held
An Islamic Chamber of Commerce Conference is to be held in Aden to review economic issues in Islamic countries.
A comprehensive outlook has been adopted concerning attitudes of the Islamic countries within the framework of WTO.
PM meets IMF  delegation
A number of issues related to restructuring the financial and banking and commercial judiciary were reviewed recently by Prime Minister Dr. Abdulkader Bajammal and an International Monetary Fund delegation chaired by Edward G. Economist at the Middle East Division.
The Yemeni government, IMF and World Bank are getting preparations underway for a conference of donor countries, to be held in Paris next September.
Promoting trade among Arab countries
The Secretary General of Arab Economic Union Council, Ahmed al-Gowyli discussed with Yemeni officials in Sana’a Arab economic issues recently.
The two sides have agreed to increase the Yemen-Arab trade promotion at all levels, including encouraging inter-Arab investment and trade.
Several issues were also discussed during the meeting such as, unemployment and the factors that impede growth and development in the Arab Countries.