Al-hodeidah: The Ministry of Economy, Industry, and Investment, in coordination with the General Investment Authority, organized a promotional event in Al-Hodeidah focusing on investment opportunities within the governorate's industrial zone. The event, themed 'A New Vision Towards a Comprehensive Investment Launch in the Industrial Zone,' underscores the government's efforts to attract investments through various incentives and initiatives.
According to Yemen News Agency, Minister of Finance Abduljabbar Ahmed highlighted the Government of Change and Reconstruction's commitment to facilitating investments by providing unprecedented support for national capital. The government aims to eliminate bureaucratic hurdles and ensure a collaborative effort between the state and private sector to bolster local industries. The new Investment Law offers significant tax and customs incentives, with the government foregoing exemptions valued at YER 100 billion annually to support job-creating industries.
Minister Abduljabbar also revealed an initiative by His Excellency Field Marshal Mahdi Al-Mashat, President of the Supreme Political Council, to ensure Al-Hodeidah is prepared for the summer by addressing the electricity needs of the industrial zone. The initiative plans to provide 22 MW from generators and complete 26 MW from renewable energy sources, offering electricity at a competitive rate to support local factories.
The event was attended by various dignitaries, including Members of Parliament, the Acting Minister of Economy, Industry, and Investment, and Al-Hodeidah Governor Abdullah Atifi, who emphasized the governorate's readiness for a promising developmental phase. The local authority is committed to removing obstacles for investors to foster economic growth and societal stability.
Chairman of the General Investment Authority, Captain Mohammed bin Ishaq, noted that the launch in the Red Sea port marks a pivotal phase in national development, aiming to create an integrated industrial community that offers thousands of job opportunities. He announced 97 investment opportunities worth USD 770.5 million, expected to generate over 9,663 direct jobs and numerous indirect ones.
The General Investment Authority, alongside the Ministry of Economy, Industry, Investment, and local government, is dedicated to simplifying procedures and enhancing infrastructure to support investments. The authority will continue to offer a package of incentives, reflecting the state's commitment to building a partnership with the private sector.
Dr. Sami Maqbuli, Deputy Minister of Economy, Industry, and Investment, described the new Investment Law as transformative, with incentives including customs and tax exemptions, renewable energy support, and streamlined procedures. Deputy Chairman of the General Investment Authority, Mohammed Al-Farzi, presented the incentives package, assuring investors of transparent mechanisms to enhance confidence in Yemen's investment landscape.
The event also showcased Al-Hodeidah's industrial zone's strategic advantages and the benefits under the new Investment Law, aligning with state efforts to create an attractive investment environment. It was attended by various officials, businessmen, and investors, illustrating the broad interest in the governorate's development potential.