Yemen, India consolidate, Areas of trade and investment cooperation [Archives:2003/638/Business & Economy]

June 2 2003

Yemen Times Staff
An Indian delegation led by foreign undersecretary for Asia and Africa affairs made recently a visit to Yemen to explore possibility of enhancing cooperation within the Indian Ocean league and to exchange trade benefits especially in investment field.
The Indian official concluded an agreement with Yemeni president of the state authority for investment Abdul Kareem Mutair stipulating that the competent sides in the two countries would conduct a follow-up for finalizing legal procedures on final endorsement of the agreement on encouragement and protection of investment signed by the two parties in December 2002.
The Indian delegation and deputy premier, the minister of planning and international cooperation Ahmed Soufan means and ways of enhancing and developing cooperation of Yemen and India and finishing and continuing what had been agreed upon during the talks at the fourth session of the Yemeni-Indian joint commission held in October 2002.both sides also discussed and agreed on holding the 5th session of the joint commission that going to be coinciding with the Indian products trade fair to be held in Sana'a in September 2003. the two sides had also agreed to send a number of Yemeni trainees to India to get training in small and medium industries and also to send a number of Indian experts working in this field to Yemen for benefiting from their expertise and to work for raising efficiency of Yemeni workers in this field of industry. Discussion and agreement was also completed for marketing Yemeni liquefied gas and non-oil exports in addition to encouragement of investments in al fields for the mutual interest of both countries. The agreement allows Yemen to begin marketing liquefied gas to India and get big financial proceeds.
In a meeting grouping the Indian delegation and oil minister Saleh Barabba' discussion tackled facets of cooperation. In this regard the Yemeni side welcomed the Indian companies willing to invest in oil and gas industry in both aspects of exploration and services. The Indian delegation displayed its country's interest in consolidation of cooperation with Yemen in both oil and liquefied gas fields which are considered a true beginning for establishment of effective trade partnership between the two countries that are both members of the Indian Ocean League.
The Indian delegation had also held a meeting with Prime Minister Abdulqader Bajammal reviewed with the Indian delegation the possibility of consolidating the two countries cooperation in oil and diversified industries in addition to expertise in the fields of education and common history. Emphasis centered on significance of Indian-Yemeni cooperation for enhancing opportunities of stability, security and peace in Asia and the Indian Ocean.
Thus the Indian delegation had during its visit to Yemen come out with positive results and expected to give a strong push for the bilateral relations and enhancement of trade exchange fields plus establishment of investment partnership in oil and liquefied gas, an aim Yemen has been seeking for many years.