Yemeni Parliament approves new investment law

SANAA, Dec. 15 (YPA) – The Sanaa-based Parliament of Yemen discussed and approved on Sunday the draft investment law.

In its session headed by Yahya Al-Ra’I, members of Parliament said this a step aimed at regulating, encouraging and attracting local and foreign investments, and achieving sustainable economic and social development.

The draft law, which consists of (99) articles, aimed to organize, encourage and attract Yemeni and non-Yemeni capital to invest in the Republic of Yemen in the sectors subject to the provisions of this law within the framework of the state’s general policy and its goals, priorities and directives in economic and social development, through creating an attractive and stimulating investment environment for investment in Yemen to achieve a diversified and sustainable national economy.

The draft law amid also at sponsor and support micro enterprises and community economy projects, in addition to stimulating electricity generation projects, machinery and equipment manufacturing, and various infrastructure projects.

It would work to stimulate projects that rely on local production inputs, increase local production rates, and reduce the import bill, leading to self-sufficiency.

The draft law included protecting local production, developing and enhancing national exports, and improving the balance of payments, in addition to encouraging and transferring and localizing priority industries, especially industries related to the agricultural and fisheries sector, as well as supporting and encouraging agricultural, animal and fisheries production.

AA