Investment group discussion concluded [Archives:2005/817/Local News]

February 18 2005

Ismail Al-Ghabiri
A three-day group discussion was concluded in Sana'a on Feb. 14 on the investment climate in Yemen and the role of the private sector in promoting economic growth and poverty reduction. Many Yemeni businessmen took part in the event, as did the General Union of Chambers of Commerce and Industry, a number of academics, NGOs, and the World Bank.

At the beginning of the discussion, Ahmed Soufan, Deputy Prime Minister and Minister of Planning and International Cooperation, explained the private's sector pioneering role in national development and poverty alleviation.

“The government expects the private sector to yet play a greater role in boosting economic growth through expansion of current investments and plunging into new promising areas,” said he. He added that the government is always working to achieve an active partnership with the private sector.

Mohammed Abdu Saeed, Chairman of the General Union of the Chambers of Industry and Commerce, talked about the concerns and expectations of the private sector, hinting at the significance of holding further discussion to resolve the difficulties.

“These events are hoped to diagnose the practical reality which governs various economic and investment activities, in particular the private sector, so as to achieve national goals.”

Some 15 studies were presented at the discussion, which looked at the investment climate in Yemen and its problems and prospects. The discussions concluded that improving the level of economic growth, increasing the income per capita, raising the standard of living, reducing poverty and unemployment, and ensuring a suitable investment climate are all of critical importance.