As Yemen is looking to finalize its political and institutional transition, officials have been keen to promote stronger economic and trade ties with their regional partners, hoping through new agreements to boost the country’s ailing economy and find new prospects for future growth.
Still very dependent on its oil and gas industry to sustain and fund its national budget, Yemen wants to diversify its portfolio by focusing on other industries. The idea is to create a strong and diversified enough economy, so that the state will be able manage its dwindling oil resources while investing toward its future.
Mohammed Alashabi, Yemen Charge d’Affaires in Malaysia told the press on Wednesday, “Malaysian companies could invest in many areas: commercial, energy, oil and infrastructure sectors.
He added, "The opportunities are there and there are few obstacles.”
Yemen and Malaysia bilateral trade generated a healthy $200 million in 2012, a figure which Yemeni officials believe could be easily improved given the right incentives and better economic outlook.
As Yemen will continue to recover from the aftermath of 2011, Alashabi explained that Yemen and Malaysia had only really scratched the surface in terms of bilateral opportunities and economic growth.
He told reporters, “I do not have the exact figures of how it will be this year. I am sure, with the better economic situation in Yemen now, we expect it will improve … trade volume could also perk if a business council was set up to facilitate business between the two countries.”
He elaborated by noting, "From Yemen, we have seafood products (fresh or processed) coffee, honey, leather and fruits while Malaysia is one of the biggest producers and exporters of cooking oil to Yemen and to the Middle East.”
A number of Yemeni businessmen own a big number of investment projects in Malaysia. Prominent businessman Shaher Abdulhak Saleh"is believed to have more than a billion dollars of investments in Malaysia.