BUSINESSMEN OF YEMEN AND MALAYSIA TALK ON ECONOMIC COOPERATION

SANA’A, March 18 (Saba)- Businessmen of Yemen and Malaysia discussed on Thursday the aspects of joint cooperation in the fields of economy and investment and ways to promote and develop them.

The discussions were held between head of The General Holding Corporation for Real Estate and Investment Development (Shibam) Saad Sabrah and a delegation of Malaysian businessmen, led by Malay Chamber of Commerce Malaysia (MCCM)Syed Ali al-Attas, currently participating in the Yemen-Malaysia festival 2010.

The 4-day Yemeni-Malaysian festival 2010was inaugurated in Sana'a last Wednesday with participation of over 100 Malaysian firms.

Sabrah briefed the Malaysian delegation to the role of Shibam in making strategic investments in Yemen, and its contribution to the conciliations and partnerships between the government and the private sector in the country as well as the government's efforts to reduce investment risks.

The Yemeni and Malaysian businessmen also reviewed investment opportunities in the fields of real estate development and investment projects in the area of infrastructure.

Malaysian al-Attas said that his country was keen to establish closer trade and investment relations with Yemen in the economic, social, cultural, technical and health areas, including the establishment of joint investment projects in future.

In the second day of the Yemeni-Malaysian festival 2010, a number of working papers were presented on investment in Yemen and Malaysia and meetings were held among businessmen of the two countries.

MCCM and Malaysian education institutions are taking part in the Festival.

According to 2008 statistic, the investments between Yemen and Malaysia raised from $ 47.7 million in 1990 to $ 401.8 million in 2008.

The General Holding Corporation for Real Estate and Investment Development (Shibam), a Yemeni holding organisation headquartered in Sana’a, was established under the Presidential Decree no. 66 of 2008.

It serves as the investment arm of the Yemeni government in all the investment projects where strategic partnership with a foreign investor is required to create a joint venture. The corporation also undertakes other investment operations as entrusted to it under the incorporation decree.

YA