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|New amendments to custom law proposed|
Article Date: December 26, 2008
New amendments to the
custom law have been submitted to Parliament for approval that were
proposed to cope with active investment practice in the country, head of
the Custom Authority Ali al-Zabeedi said on Wednesday.
Once they are approved, they will be among other adjustments the government has taken with the aim to promote the investment climate in the country, al-Zabeedi said.
Al-Zabeedi said improving custom regulations is ongoing as a new mechanism for regulations has been adopted and a rethink of custom tariffs ordered.
He made clear that low custom tariffs investors pay in Yemen demonstrate the government's commitment to provide all facilitations for investors, in addition to its efforts to ease impediments facing investment in the country.
The first national conference on industry development held lately in Mukalla highlighted serious intentions of the government to develop industry and promote investment as prominent Malaysian officials and economists were attending.
The conference produced recommendations calling for providing a financial portfolio to finance industrial investments.On the margins of the conference, four agreements were signed between Yemen and Malaysia on establishing investment complexes and a memorandum of understanding to twin the Hadramout Chamber of Commerce and Industry with the National Chamber of Commerce and Industry of Malaysia (NCCIM).