Al-Arhabi confirms govt's interest to improve business environment

SANA'A, Feb. 11 (Saba) - Minister of Planning and International Cooperation Abdul
Karim al-Arhabi confirmed here on Wednesday the government's interest in continuing
the reforms aiming at improving the business environment in Yemen.

Opening a workshop addressing the new investment law draft prepared by the Foreign
Investment Office of the International Financial Corporation (IFC) in collaboration
with Ministry of Planning and International Cooperation, al-Arhabi pointed out that
the reforms implemented for improving the investment law along with the income tax
law represent the backbone of the business environment reform in Yemen.

The reforms in such laws have been done in accordance with the best international
measures to contribute to making a qualitative movement in the investment potentials
in Yemen, al-Arhabi said.

Al-Arhabi stressed the significance of the financial and administrative independence
of the General Investment Authority (GIA) that would empower it to carry out its
vital tasks, noting that simplifying the procedures is one of the most important
reforms included in the new investment law.
Minister of Finance Numan al-Suhaybi said that the new investment law should include
strict rules restricting GIA's grants of exemptions in order not to be misused by
some investors.

For his part, GIA President Salah al-Attar assured that a ministerial committee was
formed to reformulate the investment law according to the recommendations of the
IFC's Foreign Investment Office.

The participants in the workshop confirmed the significance of determining the time
frame to cancel the current investment law and put the new one in force.