New investment law in the offing [Archives:2002/28/Business & Economy]

BY MAHYOUB AL-KAMALI
YEMEN TIMES STAFF
Yemeni investment 76-article draft law to replace investment law No. 22 for 1991, presented to parliament for discussion, would give local and foreign investors new facilities. It would also ease legal, financial and administrative procedures for the purpose of expansion in investment fields.
Parliamentary sources told Yemen Times that the new law would clearly defines functions of authorities responsible for granting investment permits, procedures of registering projects and exemption from customs and taxation.
It is expected that the amended investment law would attract more Arab capitals into Yemen as the state would guarantee equality among local, Arab and foreign investors with regard to privileges, exemptions, facilities and obligations. The amendment of investment law came as a result of remarks and complaints offered by investors. Texts of the amended law are compatible with the governments orientations towards expansion in building investment projects and in conformity with market economy, in addition to encouragement of various investments and removal of obstacles hampering this orientation.
The World Bank has pointed out the significance of reforming judiciary and administrative bodies to attract foreign capital to invest in Yemen.
Investment has taken significant part of the second Five- Year Plan (2002 to 2005). The government has also promised to create a climate favorable to investment since its one of the vital sectors for national income.
Existing opportunities for investment in Yemen include agriculture production, animal wealth, fish wealth, oil and gas, exporting manufactures, building tourist installations, in addition to opportunities available at the Free Zone in Aden.
The amended law of investment came to define the investment opportunities and facilitating the transfer of modern technology and financial and administrative expertise. The new law is intended for offering services to investors to improve investment climate, and increase inflow of funds for creating a quantitative leap in investment process.

——
[archive-e:28-v:2002-y:2002-d:2002-07-08-p:./2002/iss28/b&e.htm]