Yemen ratifies new legislations to improve investment

SANA'A, July 14 (Saba)- In its meeting held on Tuesday, the cabinet

approved new legislation system to improve investments and directed

referring it to parliament to complete constitutional measures for

issuing them.

The system aims at boosting factors activating investments in the country, including
facilitations needed for utilizing potentials of private sector and encouraging it
to play leading and active role in economic and social development in accordance to
best international practices in this field.

The system was prepared by legal experts in accordance to the best international
practices in this field to ease measures and activities of investment promotion and
encourage investors to invest in Yemen via enhancing confidence.

The investment draft law is composed of 35 items distributed on six chapters include
exploratory and final rules, investment sector, insurances and privileges and
settling investment disputes, in addition to General Investment Authority and
regulating its executive management role.

The cabinet also agreed on the project of amending local societies and corporation
No.1 for 2001 and directed concerned ministers to complete constitution measures
needed to issue the project.