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Last updated: 11:22:26 PM GMT(+03) Wednesday, 07, November, 2012
 
 

Private Sector, Civil Society Seek Amendment to Yemen Investment Law

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The Studies & Economic Media Center and Economic Reforms Team in cooperation with the Public Authority for Investment organized a consultative meeting between the leaders of the private sector and the General Authority for Investment to discuss future partnership mechanisms to improve the investment environment.
Chairman of the center Mustafa Nasr stressed the need for substantial amendments in the country's legislative system to improve the investment climate, and to overcome all problems within the trend to deepen the partnership between private sector and civil society.
Nasr pointed to the efforts played by Economic Reform Team that combined 24 private sector's leaders, civil society representatives and experts in discussing Development Priorities in the next Phase, where the team working for completing its efforts in creating practical mechanisms to transform the matrix of economic reforms to policies serving the development in the country. He explained that it’s the first time that private sector and civil society work together for enhancing their voices for active partners with government, pointing strides accomplished in this context including participation in the donor conference and incorporate some of the priorities in the government's plan for the transition and start discussing the draft law of partnership between the government and the private sector.
The Head of Economic Reform Team Ahmed Bazara'a explained the stages in which the team has prepared the economic reform visions and economic priorities based on extensive discussions with leaders of the private sector in major Yemeni provinces.
He expressed his regrets for the shortfall of government's efforts towards partnership with the private sector, stressing that the government's interest in the partnership is positive but efforts must be united to be have fruitful partnership and meet the requirements of building a new Yemen.
Program manager for the Middle East and North Africa at the Center of International Private Enterprise (CIPE) Abdulwahab AL-Kibsi delivered a speech on the Center's role in democratic reform. He pointed to the role that is supposed to be played by the private sector in the political and democratic reform and supporting the rights and freedoms in Yemen.
He confirmed that the center is ready to adopt initiatives that contribute to the promotion of democratic reform in Yemen.
For his part, the acting of the head of Public Authority for investment Mr. Mohammed Hussein reviewed the demands for amending the investment law issued in 2010, pointing out many of the flaws surrounding the law, particularly the unattractive investment environment.
Hussein transparently discussed with participants all investment-related issues, such as stalled projects and other problems faced by investors in Yemen, revealing that the Authority carried out a field survey which found that there are more than 1,300 sputtering project will create 50 jobs.
He expressed the authority's commitment to work in full partnership with the private sector and civil society organizations.
The participants of private sector's leaders express their optimisms of Yemen government talk about the partnership with the private sector, but stressed that it still needs to be implemented in accordance with mechanisms to ensure partnership in policy-making and the future direction of Yemen.
At the conclusion of the meeting, participants recommended the need to constitute a working group from the private sector and experts to provide feedback on amendments to investment's law as well as contributing to the formulation of new policies that will develop the legislative system regarding the improvement of the investment climate in Yemen

 

 

 

 

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Yemen Post Staff
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Source: Yemen Post Newspaper
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