Consultative meeting with metal, plastic producers to introduce investment law
Sana'a - Saba:
The Ministry of Economy, Industry and Investment and the General Investment Authority on Tuesday organized a consultative meeting with iron and plastic manufacturers, chaired by the Minister of Economy, Industry and Investment, Eng. Moeen Hashem Al-Mahaqri.
The meeting aimed to introduce the advantages, incentives and facilities included in the Investment Law 2025 AD, as well as the protection of national products and the localization of local products.
The meeting, which was attended by the Chairman of the General Investment Authority, Yasser Al-Mansour, the Undersecretary of the Ministry of Economy for the Industry Sector, Ayman Al-Khalqi, the heads of the iron, plastic and building materials sectors at the Chamber of Commerce, Marwan Al-Wahishi and Abdullah Al-Barawi, and the directors and representatives of local iron and plastic manufacturing companies, discussed a number of topics regarding the development of the reality of the iron and plastic industry and the gradual start of the process of localizing products by taking advantage of the incentives, guarantees and protection provided by the investment law for the local product.
During the meeting, the Minister of Economy, Industry and Investment stressed the importance of holding such meetings to come up with common visions that work to explore the conditions of local industries and the requirements for supporting, developing and localizing their products.
He explained that the investment law came with a new vision in the state's thinking with the support and sponsorship of the revolutionary and political leaderships, and opens broad horizons for national capital from the public and private sectors to enter into investment projects with unprecedented incentives and full guarantees, and gave full support to national industries and high protection for the local product, with the aim of advancing the reality of the industrial sector in Yemen through managing value chains and reducing the import bill.
He pointed out that the government of change and construction approved the economic stimulus program, and that localizing industries and protecting local products is one of the most important paths of the stimulus program, noting that localization aims to significantly increase job opportunities and absorb unemployment, as well as provide high-quality national products at competitive and appropriate prices for citizens.
He added that the Ministry of Economy, Industry and Investment is preparing a study to prepare protection and localization decisions for a number of new goods in support of local industries, and is in the process of arranging to issue localization and protection decisions for 15 products after the month of Ramadan and provide full protection for them.
The Minister of Economy called on iron and plastic manufacturers to join this list by starting to develop an initial list of products that can cover the needs of the local market, in addition to shifting towards the use of renewable energy and benefiting from the advantages provided by the investment law to support this shift in a way that contributes to reducing the cost of production and producing competitive goods and products in the markets.
The Minister revealed the issuance of a decision to stop the import of pastries and baked goods, with the aim of supporting productive families and local bakeries and protecting their products, stressing the need to translate the outcomes of the consultative meeting into practical steps.
Undersecretary of the Ministry of Economy for the Industry Sector indicated the ministry's keenness to develop the production capacities of local factories and protect their products.
He stressed the importance of providing complete data that helps in making protection decisions, working to enhance the confidence of the Yemeni consumer in national products, and cooperation between the government and the private sector in this regard.
During the meeting, a number of managers and representatives of iron and cement manufacturing companies made interventions, confirming their readiness to cooperate with the government and the Ministry of Economy, Industry and Investment.
They expressed their thanks for what they saw of government interest in the private sector through the investment law and the directions of the government of change and construction, and in a way that embodies the true partnership between the government and the private sector.
The meeting approved the formation of committees from iron and plastic manufacturers to prepare lists of items capable of covering the local market in cooperation with the General Investment Authority and the industry sector in the Ministry of Economy, Industry and Investment and the Chamber of Commerce and Industry in the capital and the General Federation of Chambers of Commerce and Industry and to present the results of their work within a month.
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