24 February 2009
Yemen's improvement in several business environment indicators, and the improvement of the country's investment climate, reflects its desire to attract local and foreign investment in order to revitalize various economic sectors, and promote job creation, said Abdul-Kareem al-Arhabi, Deputy Prime Minister for Economic Affairs and Minister of Planning and International Cooperation.
Al-Arhabi made this announcement during the launch of the Doing Business in 2009 Conference, held on February 17-18, and organized by the Ministry of Industry and Trade, in cooperation with the International Finance Corporation of the World Bank Group.
Al-Arhabi expressed his hope that "this conference will work to establish a new phase of coordinated collective action, in the framework of the agenda of reforms to further improve the country's standing in all international and regional reports related to the business and investment climate."
Al-Arhabi confirmed that the government is eager to improve the business and investment climate, to increase the competitive capacity of the nations economy.
He pointed out that Yemen's successes in the Doing Business report reflected positively on indicators in the economic freedom report for the same year.
The remarkable progress of the investment environment in Yemen and the work of the government's reform agenda, reflects positively on the country's progress and increases Yemen's standing internationally.
Dr. Yahya al-Mutawakel, the Minister of Industry and Trade reviewed the experiences of the Yemeni government in passing reforms aimed at improving the business environment. This progress has been reflected in recent international reports, particularly the Doing Business and Economic Freedom reports.
Yemen has implemented one of the world's boldest reform agendas. The country has reduced what was once the world's second-highest minimum capital requirement, and launched a one-stop shop for business start-ups. As a result, Yemen jumped from 178th place last year in terms of the starting business indicator, to 50th place as a result of these reforms, al-Mutawakel said.
The participants of the conference discuss the results of the 2009 'Doing Business Report' for Yemen, and future steps Yemen has to take to achieve greater progress in this regard. He stressed that "Yemen ranks 98th globally in terms of business production, up from last year's 123rd place. This improvement is predominantly due to its efforts in facilitating the creation of businesses, its application of a single-window system for investment, and amendments to several laws to improve the investment climate."
The Minister of Industry and Trade said the reforms implemented by the government should aim not only to improve the business environment indicators, but also aid in attracting foreign and domestic investment to create jobs.
Mohammed Abdu Saeed, Head of the General Federation of Chambers of Commerce and Industry, said Yemen is suffering from critical economic conditions in light of the global financial crisis. He stressed the need for everyone, including the government, the private sector, civil society and regional as well as international partners to secure the necessary momentum for a strong and comprehensive revival of the country's economy.
He noted that the reports issued by the World Bank are an important instrument to determine Yemen's progress regarding the creation of a liberal business environment, and the elimination of the difficulties faced by the private sector. He confirmed that the progress made by Yemen, according to the Doing Business in 2009 report, is satisfactory.
Saeed said the reform program implemented by government is appreciated by all, because it aims to attract investment, and improve the lives of citizens.
No country has developed its economy and society without an active private sector, said Mrs. Sarah White, Head of Office, UK Department for International Development. She confirmed that "the private sector has a hugely important role to play in bringing about a more prosperous, stable and healthy Yemen, which we all want to see.
White stated that no amount of financial aid can ever offer Yemen the kind of economic progress the private sector can bring."
The government of Yemen deserves real praise for the bold leadership they have persistently demonstrated to encourage reforms in areas that are already helping to create a more positive environment. For example, this includes the Public Procurement Reform and One Stop Shop, White said.
She continued, "as donors, we are delighted to be supporting the IFC's program in Yemen, with over $12 million from the UK in aid to help the government and private sector bring about a more positive business environment."
General Manager, PEP-MENA, International Finance Corporation, World Bank Group, Jesper Kjaer also praised Yemen's efforts, but sought to place them in the context of the global crisis. He confirmed that the investment environment had toughed lately but said he was also optimistic about Yemen's future.
"I guess it is fair to say that, now more than ever, many countries will increasingly face challenges in attracting new investments, domestic as well as foreign, especially lower income countries as global financial markets are getting much tighter than we have been used to in the past years," he continued "thus, having a friendly and attractive investment climate becomes increasingly important."
He offered his congratulations as he spoke to the Minister of Industry and Trade, "for his leadership in making bold reforms in 2008, for succeeding in eliminating a $15,000 minimum capital requirement for limited liability companies in June of last year, for creating a one-stop-shop process, and for cutting the steps and time required to start businesses."
"Kjaer said that in his opinion, "Yemen needs to build on this success and continue its efforts; for example, the country needs to roll out reforms nationally, and communicate with people on the ground, as well as tackle other barriers to entry and pursue its tax simplification project, among other projects."
The conference discussed the results of the 2009 Doing Business Report concerning Yemen, and future steps Yemen has to take to achieve greater progress in this regard.
Representatives of government bodies and the private sector, as well as IFC experts and representatives of donor countries participated in the two-day conference.
Yemen's improvement in several business environment indicators, and the improvement of the country's investment climate, reflects its desire to attract local and foreign investment in order to revitalize various economic sectors, and promote job creation, said Abdul-Kareem al-Arhabi, Deputy Prime Minister for Economic Affairs and Minister of Planning and International Cooperation.
Al-Arhabi made this announcement during the launch of the Doing Business in 2009 Conference, held on February 17-18, and organized by the Ministry of Industry and Trade, in cooperation with the International Finance Corporation of the World Bank Group.
Al-Arhabi expressed his hope that "this conference will work to establish a new phase of coordinated collective action, in the framework of the agenda of reforms to further improve the country's standing in all international and regional reports related to the business and investment climate."
Al-Arhabi confirmed that the government is eager to improve the business and investment climate, to increase the competitive capacity of the nations economy.
He pointed out that Yemen's successes in the Doing Business report reflected positively on indicators in the economic freedom report for the same year.
The remarkable progress of the investment environment in Yemen and the work of the government's reform agenda, reflects positively on the country's progress and increases Yemen's standing internationally.
Dr. Yahya al-Mutawakel, the Minister of Industry and Trade reviewed the experiences of the Yemeni government in passing reforms aimed at improving the business environment. This progress has been reflected in recent international reports, particularly the Doing Business and Economic Freedom reports.
Yemen has implemented one of the world's boldest reform agendas. The country has reduced what was once the world's second-highest minimum capital requirement, and launched a one-stop shop for business start-ups. As a result, Yemen jumped from 178th place last year in terms of the starting business indicator, to 50th place as a result of these reforms, al-Mutawakel said.
The participants of the conference discuss the results of the 2009 'Doing Business Report' for Yemen, and future steps Yemen has to take to achieve greater progress in this regard. He stressed that "Yemen ranks 98th globally in terms of business production, up from last year's 123rd place. This improvement is predominantly due to its efforts in facilitating the creation of businesses, its application of a single-window system for investment, and amendments to several laws to improve the investment climate."
The Minister of Industry and Trade said the reforms implemented by the government should aim not only to improve the business environment indicators, but also aid in attracting foreign and domestic investment to create jobs.
Mohammed Abdu Saeed, Head of the General Federation of Chambers of Commerce and Industry, said Yemen is suffering from critical economic conditions in light of the global financial crisis. He stressed the need for everyone, including the government, the private sector, civil society and regional as well as international partners to secure the necessary momentum for a strong and comprehensive revival of the country's economy.
He noted that the reports issued by the World Bank are an important instrument to determine Yemen's progress regarding the creation of a liberal business environment, and the elimination of the difficulties faced by the private sector. He confirmed that the progress made by Yemen, according to the Doing Business in 2009 report, is satisfactory.
Saeed said the reform program implemented by government is appreciated by all, because it aims to attract investment, and improve the lives of citizens.
No country has developed its economy and society without an active private sector, said Mrs. Sarah White, Head of Office, UK Department for International Development. She confirmed that "the private sector has a hugely important role to play in bringing about a more prosperous, stable and healthy Yemen, which we all want to see.
White stated that no amount of financial aid can ever offer Yemen the kind of economic progress the private sector can bring."
The government of Yemen deserves real praise for the bold leadership they have persistently demonstrated to encourage reforms in areas that are already helping to create a more positive environment. For example, this includes the Public Procurement Reform and One Stop Shop, White said.
She continued, "as donors, we are delighted to be supporting the IFC's program in Yemen, with over $12 million from the UK in aid to help the government and private sector bring about a more positive business environment."
General Manager, PEP-MENA, International Finance Corporation, World Bank Group, Jesper Kjaer also praised Yemen's efforts, but sought to place them in the context of the global crisis. He confirmed that the investment environment had toughed lately but said he was also optimistic about Yemen's future.
"I guess it is fair to say that, now more than ever, many countries will increasingly face challenges in attracting new investments, domestic as well as foreign, especially lower income countries as global financial markets are getting much tighter than we have been used to in the past years," he continued "thus, having a friendly and attractive investment climate becomes increasingly important."
He offered his congratulations as he spoke to the Minister of Industry and Trade, "for his leadership in making bold reforms in 2008, for succeeding in eliminating a $15,000 minimum capital requirement for limited liability companies in June of last year, for creating a one-stop-shop process, and for cutting the steps and time required to start businesses."
"Kjaer said that in his opinion, "Yemen needs to build on this success and continue its efforts; for example, the country needs to roll out reforms nationally, and communicate with people on the ground, as well as tackle other barriers to entry and pursue its tax simplification project, among other projects."
The conference discussed the results of the 2009 Doing Business Report concerning Yemen, and future steps Yemen has to take to achieve greater progress in this regard.
Representatives of government bodies and the private sector, as well as IFC experts and representatives of donor countries participated in the two-day conference.
By Faisal Darem
© Yemen Observer 2009
