Legislation reform on as Yemen seeks better investment environment

SANA'A, Nov. 22
(Saba) - Yemen said on Sunday that it has adopted comprehensive legislation reforms
in an
effort to introduce a suitable investment climate that can help further the
democratic development and reduce poverty.
In a workshop on reforming commercial laws, the Ministry of Planning and
International Cooperation affirmed the need, over the coming period, for a package
of legislation
in the real estate records, stock market and banking crediting for their direct
links to a promising investment atmosphere.
During the workshop organized by the Justice Ministry in association with the Arab
Center for the Development of the Rule of Law and Integrity (ACRLI), Undersecretary
of
the ministry Muhammad Al-Haweri said legislation must be improved for better
insurance and to fight trafficking.
A set of laws are underway that would boost accountability and transparency as well
as fighting corruption and those over the financial disclosure, he said.
He, however, noted that the laws must be reconsidered and evaluated according to
regional and international dimensions.
For his part, Deputy Justice Minister Abdul Rahman Al-Shahethi said that progress
Yemen has made regarding easy business according to a 2010 report by the IFC and
topping
the Arab states on long-term loans were deemed a glimpse of hope for economic
development.
Other participants urged further cooperation between the pubic and private sectors
and streamlining pan-Arab trade.
Huda Mouwadh, from the ACRLI, urged the media to spread information to support the
process of improving the business environment.
Others underlined the significance of judicial development and mending the judicial
tax law as well as reconsidering all trade laws to motivate the private sector to
contribute
to the national economy.
The recommendations come after a previous national report highlighted
administrative and legislative obstacles to investment in Yemen.
The report said that custom tariff measures and complicated administrative
processes to get business launch authorization were major administrative
roadblocks.
And the legislation roadblocks were represented by unclear commercial law, unfit
penalties to protect the intellectual property, accumulated commercial disputes and
the
complication of court ruling implementation.
The report then called for reconsidering the commercial legislation, rearranging
the real estate registry, drawing up a clear strategy for allocating investment
plots of
land, and urging the banks to deal according to real estate mortgage on the real
estate records.
It also called for issuing new laws to regulate the electronic trade and corporate
governance as well as establishing a stock market.
FR