The Board of Directors of the General Investment Authority approves the draft new investment law
The Board of Directors of the General Investment Authority approved, in its meeting today, headed by the Prime Minister, Ahmed Ghaleb Al-Rahwi, the draft investment law, and approved submitting it to the Council of Ministers for discussion and approval, in preparation for referring it to the House of Representatives, and completing the constitutional and legal procedures for its issuance.
The Board of Directors had discussed the draft law submitted by the Minister of Economy, Industry and Investment, Eng. Moeen Al-Mahaqri, and the Minister of Finance, Abdul-Jabbar Ahmed, which was prepared by the relevant government agencies in the General Investment Authority, with the participation of the private sector and other relevant parties.
The new law aims to regulate, encourage and attract Yemeni and non-Yemeni capital to invest in the Republic of Yemen, in the sectors subject to the provisions of the law after its issuance, within the framework of the general policy of the state and the goals, priorities and directives of the state and leadership in economic and social development.
The Prime Minister pointed out that the government has given special attention in its general program to the investment path and the mechanism for dealing with the private sector, overcoming the difficulties it faces and providing an environment that encourages investment, considering the draft law a success for the government and the private sector, pointing out the importance of subjecting the law after its issuance to continuous review and evaluation to address any shortcomings that may arise during the implementation of its provisions.
Engineer Al-Mahqari had reviewed the efforts made in preparing the draft law, which will contribute to alleviating pressures and accelerating procedures and transactions for investors, maximizing the use of local inputs and encouraging public joint-stock companies, explaining that the law and its practical application will be supported by a number of draft laws, which will soon be submitted to the Council of Ministers, which will contribute more to improving the investment environment.
He reviewed the roles of various government agencies, especially the Ministry of Finance, the Central Bank of Yemen and the private sector, partners in preparing the draft investment law, indicating that investment laws are dynamic laws subject to the interactions and variables of economic reality, and are subject to amendment if necessary
