Yemen to join GCC economy [Archives:2006/939/Local News]

SANA'A, April 18 ) In a press conference held Monday, Abdul-Rahman Al-Attiyah, Secretary-General of the Gulf Cooperation Council (GCC), said the Yemeni economy's stability ensures stability of Gulf countries' economies and affirmed the Yemeni economy's integration with the GCC as “an irreversible objective.”

Al-Attiyah also stressed that Yemen's economic reforms constitute genuine insurance for investors to establish developing projects in Yemen. “Economic reform agendas are going so well that there are no worries about Yemen's economy. We appreciate the Yemeni government's role in economic reforms, which are characterized by transparency,” Al-Attiyah noted.

He indicated that national reforms to promote judiciary independence, the Control and Audit Committee and the High Tender Board, in addition to transparency in derivative industries, are all important to investors and donors alike.

For his part, Abu Bakr Al-Qirbi, Minister of Foreign and Expatriate Affairs, said Yemen's government has estimated $45 billion to integrate with the GCC economy in a 10-year term. The government will provide 65-70 percent of the amount, with the rest collected during the upcoming donor countries' conference. “We are not looking forward to providing funds, but it is the means upon which implementing projects rests,” Al-Qirbi said.

Regarding Yemeni-Gulf relations, Al-Attiyah stated that trends in Yemeni-Gulf relations are evident in four main areas. The first involves activating the joint working group, whereby accepting Yemen as a member in many GCC institutions and commissions was approved at the 2001 Mascot Summit.

The second issue involves arranging the donor countries' conference as agreed in technical committee meetings which included GCC finance ministers, the GCC Secretariat Office and Yemen's Ministry of Planning and International Cooperation. An investment opportunities conference also will be held in Yemen next February 2007. The last area pertains to a Gulf funds meeting that would finance Yemen's infrastructure, as suggested by Yemen.

As for security-related issues, Al-Attiyah pointed out that Yemen's security is part of the Gulf's. He also expressed concern about Iran's nuclear strategy, affirming that diplomatic dialogue will ensure a solution to the nuclear crisis.

Al-Attiyah left Sana'a after a three-day visit, during which he held talks with Yemeni officials on promoting cooperation between Yemen and GCC members. He also met with President Ali Abdullah Saleh, who awarded Al-Attiyah in appreciation of his efforts to promote relations and cooperation between Yemen and GCC members.
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