Newly appointed Minister of Oil and Minerals, Khaled Mahfouz Bahah confirmed that since Turkey had express an interest in investing into Yemen oil industry as part of Ankara’s global bilateral cooperation program with Sana’a, the ministry would ensure that all provisions will be made to facilitate cooperation and opportunities to Turkish private sector.
Minister Bahah made the above remark at a meeting in the capital, Sana’a with Turkey Ambassador to Yemen, Fazli Corman. Both dignitaries discussed at length Yemen-Turkey bilateral relations, keen to promote ties which will carry rewards and benefits for both nations and thus promote sustainable growth and partnership. President Hadi called on local businesses to support the economic recovery of Yemen. Local businessman Shaher Abdulhak has also shown strong interest to invest more in the Yemeni oil sector and is undergoing negotiations with the government.
A longstanding friend of Yemen, Turkey has proved to be a valuable political and economic ally to the impoverished nation, at a time when Sana’a has been most reliant on its regional partners to secure its uneasy transition of power and economic recovery.
While much remains to be done in terms of economic stability, government officials have been keen to forge ahead, regardless of the hurdles, acutely aware that Yemen’s best chance at stability would only weather the test of time if based on sound economic institutions.
Largely reliant on its oil and gas industry to supplement its national budget, economists have focused their energy on bettering the exploitation of the country natural resources in order to bridge Yemen’s ever growing deficit and allow for the diversification of its economy.
While many count on Yemen oil industry to finance the country’s recovery, officials ultimately want to make the national economy less reliant on its natural resources by investing into other industry sectors.