More coordination needed:Conference on Yemeni island investments [Archives:2004/799/Business & Economy]

December 16 2004

Mahyoub Al-Kamaly
The first international conference of financial resources and investment opportunities in Yemen's islands has concluded after the presentation of 40 work papers.
The recommendations confirmed the significance of exploiting the facilities offered by the Yemeni Investment Law for investors, on issues such as tax and customs exemptions.
The work papers pointed out that the number of permitted investment projects since the Investment Authority was established, is 5166 projects, worth a total of YR 1,003 billion, of which only 57 per cent were executed. The recommendations welcomed further studies by the General Authority of Developing Islands to give investors in the islands better privileges.
The papers discussed fishery investment requirements in Yemeni islands, including the basic aims of fishery sector in islands.
A paper by Dr. Faraj Mohammed Ba'athar focused on the importance of developing Socotra Airport because the island is a link between three continents.
Dr. Mohammed Ali Abdulla Sheik concentrated in his paper on the scientific research on medical plants in Yemen islands. He said that Socotra has more than 800 kinds of medical plants of which 230 are found only in Socotra.
The paper of Dr. Salem Rabe'e entitled “the best biographical exploitation for islands of Hadramout coast,” highlighted the islands' resources and potential role in breeding programs.
Abduljabbar Naji presented his paper on the “possibilities and opportunities of development and coast investment in Yemeni islands”. The paper reinforced the possibility of exploiting Yemeni islands for tourism.
The international conference recommended coordination and cooperation between Yemen and the private sector in other Arab countries in exchanging information to build investment opportunities in Yemen's islands.