The Government of Change and Construction officially launches the Investment Law 2025

 

the Government of Change and Construction held the official launch event for the Investment Law 2025, under the slogan “Investment in Yemen.. A New Vision”.

During the event, Prime Minister Ahmed Ghaleb Al-Rahwi praised the great efforts of the relevant government agencies and representatives of the private sector in preparing the law until it came to light.. stressing the importance of this law that encourages, supports and attracts national capital, the true partner for development in the country, as well as foreign capital.

He explained that the law gave great and additional privileges to those who use local raw materials in manufacturing industries.. pointing to the steps achieved in the path of governance of work in this field or in other vital fields.

He said, “Our brothers in the private sector should trust that we, in the government of change and construction, are keen to strengthen aspects of partnership with them, and we will work to protect all their investment projects and local products, and we will work to regulate imported products and reduce their damage to local products, whether in the agricultural or industrial sector.”

The Prime Minister addressed the damages that affect Yemeni coffee, almonds and raisin producers as a result of imports and smuggling, despite the high quality of the local product compared to the imported one.

He stressed that the Tax and Customs Authorities will work, in cooperation with various other parties, to combat smuggling to protect local products and the national economy. He pointed out that implementing the investment law and other laws requires that all concerned parties be at the level of awareness that helps in implementing them.

He stated that the country needs concerted efforts between the government and various segments of Yemeni society, especially the private sector, to work to improve the path of local development, which is the basis for the development and prosperity of the present and future of the country.

Al-Rahawi also touched on the United Nations decision to transfer its work to Aden Governorate despite the risks there as a result of the state of instability and security chaos that threatens the lives and safety of its employees. He said, “Many pressures have been exerted on our country and our people for many years, and these pressures will not stop unless we advance our country, roll up our sleeves, work hard in various fields, and rely on ourselves to achieve a developmental renaissance, by optimally investing the available capabilities, whether in the agricultural or industrial sectors or in other vital investment fields.” He added, “We are able to achieve and accomplish many things by working together and joining hands as a government and private sector to invest our wealth on land and sea, which, if used wisely, will bring good to this country and all its people.” Al-Rahawi reassured the private sector that the government will be by its side and will work to protect it by force of law.

He wished everyone success in the path of building and advancing the country and strengthening the foundations of its independence and freedom. At the event, which was attended by Deputy Prime Minister for Defense and Security Affairs Major General Jalal Al-Ruwaishan, Minister of Health and Environment Dr. Ali Shiban, and Minister of Information Hashem Sharaf Al-Din, Minister of Economy, Industry and Investment Eng. Moeen Al-Mahaqri stressed that the Investment Law is one of the most important outcomes of the economic stimulus program approved by the Government of Change and Construction.

He explained that all government programs stem from the economic stimulus program, which was prepared with a new vision aimed at managing value chains and working to reduce the import bill according to mechanisms based on facilitating procedures and building a good relationship with the private sector and investors in a conscious partnership that achieves their interests and preserves the public interest.

Minister Al-Mahaqri pointed out that the stimulus program includes 14 programs aimed at improving the investment environment and promoting the development of all sectors, the most important of which is encouraging and developing the energy sector and supporting the shift towards renewable energy with the aim of reducing production costs and enabling local products to compete with imported products.

He stated that the investment law currently focuses on encouraging local capital from the public and private sectors to exploit promising investment opportunities in our country, working to localize industries, shifting from an import economy to local production, and encouraging importers to shift towards local manufacturing by exploiting the incentives, benefits and facilities provided to local manufacturers and producers.

The Minister of Economy, Industry and Investment referred to the measures taken by the Ministry in the framework of improving the investment environment, including extending the commercial register period to five years instead of one year, merging the commercial and industrial registers into one register, and automating the Ministry’s services.

He indicated that the Ministry’s electronic portal has provided 37 services, and that the Ministry is in the process of providing all of its 57 services electronically during the coming month of Ramadan.. explaining that preparations are currently underway for the network connection between the Investment Authority and the Customs Authority.

He stated that the import bill amounted to billions during the year 2023 AD, which provides attractive investment opportunities for local production projects in many sectors, by activating national capabilities and idle potentials.

For his part, Minister of Finance Abdul Jabbar Ahmed Mohammed confirmed that the investment law included privileges that are being adopted for the first time in Yemen, and that the law will be a strong start for the private sector, which is the main partner in the development process.

He pointed out that the government has ambitious plans with the private sector to implement strategic projects, and that the government is keen to strengthen the partnership with the private sector and preserve national capital.

The Minister of Finance called on the private sector to benefit from the incentives and privileges included in the Investment Law and the incentives it grants to each sector.. indicating that coordination will be made with the Ministry of Economy, Industry and Investment and the General Federation of Chambers of Commerce and Industry to hold seminars and workshops with all sectors to introduce the law.

In turn, the Minister of Agriculture, Fisheries and Water Resources, Dr. Radwan Al-Rubai, indicated that the Investment Law is one of the most important laws that the government is keen to implement.. noting the advantages and facilities included in the law and what it represents as a new impetus for investment in all fields, as well as the support it provides to small and micro-enterprises.

He stated that what distinguishes this law is the complementary relationship between all parties in the process of preparing the law and their partnership in the implementation process.

Dr. Al-Rubai pointed out that the law paid special attention to local production sectors of various kinds due to their importance in stimulating the national economy and the wheel of development.