Investment Authority Council, chaired by PM, discusses a number of investment topics

The Board of Directors of the General Investment Authority at its meeting Monday, chaired by Prime Minister Dr. Abdulaziz Saleh bin Habtour, discussed a number of topics related to the investment environment and the continuous stimulus factors of the Authority to develop the size and quality of investment projects.

The Council discussed in this aspect, the functioning of the Authority within the economic recovery and recovery program particularly with regard to building the positive image of Yemen, generating investment, and facilitating the investment process as well as institutional building.

The Council reviewed the report of the President of the Authority, Yasser Al-Mansour, on the level of implementation of the National Strategy for the Development of Pharmaceutical Industries 2019-2025, whose adoption was aimed at raising the contribution of national pharmaceutical industries from 10.63 percent to 50 percent of the value of the annual import bill, in conjunction with raising the quality of locally produced medicines.

The report showed a significant proportion of achievement in the policies, projects, programs, and objectives contained in the strategy over the past two years, which totaled 50 percent. He pointed out that the Authority works with relevant authorities and pharmaceutical entrepreneurs to overcome the difficulties encountered in implementing the full objectives of the strategy and that it is important to provide development zones dedicated to the pharmaceutical industries.

The Board discussed the memorandum submitted by the President of the Authority on the provision of suitable sites for the construction of investment projects derived from strategies prepared by the Authority and relevant bodies in accordance with a previous decision of the Board of Directors, which includes along with pharmaceutical industries sectors (construction materials, mining, poultry, food industries) aimed at reducing overall the import bill for goods and services.

In this regard, the Board noted that the Authority was able to transform those strategies into practical opportunities and identify (413) an investment opportunity in those sectors at an estimated investment cost of more than three and a half billion dollars, which will provide about 50 thousand jobs. Stressing that the Authority receives many requests to invest in the implementation of the specific projects, he pointed out the need to allocate land by the relevant authorities to begin the process of practical implementation of projects in those sectors.

The Council stressed the convening of a meeting in the coming days under the chairmanship of the Prime Minister with the participation of the President of the Authority and the Chairman of the General Authority for Land, Space and Urban Planning and other relevant bodies, to discuss practical measures to allocate appropriate space to pharmaceutical industrial zones and the rest of the industrial zones of the sectors whose strategies are established. Consider the Investment Authority’s proposal in this aspect.

The Board commended the work carried out in the context of the implementation of the pharmaceutical strategy and the Authority’s efforts in cooperation with government agencies and the private sector working in this area.

The Board also reviewed the Authority’s report on the investment conference to be held in Sana ‘a next August, which will focus on investment activities and factors to improve the investment environment and offer opportunities.

The report reviewed the various preliminary tasks accomplished by the High Preparatory Committee under the chairmanship of the Prime Minister, in preparation for the two-day conference and discussed a set of scientific working papers approved by the Preparatory Committee, which covered the investment environment in all its aspects, as well as the announcement of investment opportunities in various fields, as well as the announcement of the research map and future directions.

The report indicated that during the conference, a pavilion will be established for the winning investment opportunities of the innovation competition, with the announcement of an opportunity for public-private partnership, related to the tender for the development and operation of the new industrial area including electricity, water, telecommunications, and waste processing opportunities, as well as the launch of a number of initiatives.

The Council expressed appreciation for the various preparatory efforts for the convening of this important conference. Noting the vital objectives of the conference and the scientific working papers to be discussed covering various vital issues related to the investment path at the national level and the outlook for the future. To direct the Commission, in coordination with relevant stakeholders and the private sector, to begin the implementation of the preparatory tasks approved by the Supreme Committee until the opening of the Conference’s work.

The Council reviewed the report of the Authority on the results of the investment conference held last March in the city of Hodeida, which aimed to activate the industrial zone in Hodeida, announce investment opportunities in this area and allocate land for investment projects, along with the Conference’s recommendations.

The meeting approved the report and noted the various efforts made by the Authority and the relevant bodies to establish the conference and its results in order to activate the industrial zone in Hodeida and start investing in it.

The Board of Directors approved the Authority’s final account for the fiscal year 2021, which included actual current uses, actual resources, and other financial statements related to the Authority’s activity.

He was also briefed on the final report on the Authority’s activity for 2021, which included the tasks accomplished by the Authority in aspects of promoting investment, facilitating investment and aftercare, as well as technical support and institutional construction, as well as other work and achievements.

The Council commended the various regular and qualitative efforts undertaken by the Authority in various aspects related to the investment process, in cooperation with the relevant authorities, as well as the steps of internal institutional building. He noted that the Authority presents the model of good performance based on sound scientific and procedural steps and working with high responsibility for various investment tasks and creating a genuine partnership with the private sector with a view to continuously upgrading the investment reality and its central role in the service of economic and social development.

The Board directed a meeting of various government agencies concerned with the single investment window system at the General Investment Authority, in preparation for the next investment conference, to examine the mechanisms for the operationalization of the window and give it the necessary powers to fulfil its required role in facilitating the various procedures before investors.

The Governing Council had seen and approved the minutes of its previous meeting.