Ministry of Industry and Trade facilitates investment

Minister of Industry and Trade, Dr. Yahya al-Mutawakel said in an interview with the Yemen Today

that the government has exerted many efforts to improve investments, through legislation and through facilitation of registrations of companies and investment projects. “We developed a “one stop shop” within the Ministry of Industry and Trade to facilitate investment projects, especially in promising sectors. The measures related to the “one stop shop” reflected positively on Yemen’s rank in the international reports,” said al-Mutawakel.
This system provides all services to investors for registering their companies, by bringing together all concerned governmental bodies and services in one place, like representatives of the tax authority, the passport authority, etc.
Al-Mutawakel said that several projects have been implemented by the Ministry of Industry and Trade such as the automation of procedures for registering companies, agencies and branches of foreign companies. Improving trade projects and facilitating procedures for starting businesses, as well as applying a one shop stop concept for investments reflected positively on the business environment in Yemen to offer easier and faster procedures for commercial society.
“The reform process will continue, and the Ministry of Industry and Trade will complete the review of commercial law and corporate law to make further amendments to reduce the time and cost of starting and running a business, while simplifying procedures,” said al-Mutawakel.
He said that the political leadership and government worked to improve the business environment and investment climate, not only aimed to improve the position of Yemen in the indicators of international reports, but to facilitate and simplify the procedures on the ground to contribute to attracting more national and Arab and foreign investments. As part of its work to simplify business procedures, the Ministry launched an automated system for recording all brands in collaboration with the International Finance Corporation. This enables businessmen to register their brands online.
“We think that the industrial sector is the most important sector due to its contributions in reducing poverty and unemployment. Thus, the Ministry is working hard to accelerate and expand industrialization through the optimum utilization of natural resources and cheap labor, as well as through the establishment of industrial zones, complexes and cross-border economic zones,” said al-Mutawakel. The Ministry has already succeeded in attracting investors, developers and operators for the industrial zones in the provinces of Aden, al-Hudaidah and Lahj. The ministry also agreed with the Chamber of Industry and Commerce in al-Hudaidah to set up a joint company to develop, invest and operate an industrial zone with an initial capital of YR 10 billion.