Respecting investment [Archives:2007/1029/Opinion]
By: Yasser Al-Mayasi
Investment and the increasing of foreign capital is proof of the increased development in any country or society while the stable security helps stabilize investment. This is the ideal solution to unemployment and other economic problems, as it raises the development rates.
Attracting investment and foreign capital is not a sentiment or propaganda. The capital is a coward because it usually frequents the safer places where laws are enforced and investors enjoy a good climate to initiate business. Unlike other countries in the region, Yemen attracts fewer investments due to multiple political and economic conditions it has experienced. These conditions hindered investors and giant investment firms from making rapid economic development.
Lack of awareness about attracting investment and investors is a great barrier posed to them. Some of the laws haven't yet been placed in effect and this makes investors lose confidence to invest in Yemen under the pretext the state creates multiple crises before investors. In addition, the Yemeni government officials prefer their personal interest to the public interest and have no interest in development.
Yemen is blamed for posing more obstacles to local and foreign investors, particularly as most of the foreign investors came to Yemen with the aim of investment and implementing giant projects aimed at tackling the country's accumulated economic problems. Foreign investors left Yemen after they faced restrictive laws and opportunistic officials, who only seek partnership with investors in return for protection.
The investor views this kind of partnership as unfair and feels, from the very beginning, the absence of law and order, as well as the lack of responsibility.
Yemeni officials constitute a barrier to any legal amendments aimed at making available better investment climates. In such a situation, pressure and harassment have developed into a way forcing local investors to cease their projects in the country and exercise business abroad. As the local investors prefer other countries to their homeland, foreign investors hesitate to invest in Yemen.
Following the deterioration of the investment climate, our duty is to establish an investment climate in a way to satisfying investors. In the meanwhile, amending laws to facilitate investment is the parliament's duty. President Saleh and some patriotic cabinet ministers felt the great risk after local investors seemed to prefer foreign countries to their homeland. This compelled Saleh to declare that he will be the direct supervisor of the investment process and eliminate officials who are unaware of investment-related interests.
There should be a great respect for the President's call while Yemeni people, parties and organizations have to play a primary role in driving the wheels of development in the country forward.
Yasser Al-Mayasi is a Yemeni journalist specialized in children and business. [email protected]
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