Parliament approves draft law on investment, loan agreements

SANA'A, Aug. 01 (Saba) - The Parliament approved on Sunday a draft law on investment after discussing the law in light of the report of the joint committee, composed from the committees of finance, trade and industry ,and development and oil.

The law aims at attracting and encouraging local and foreign investments within the
framework of the general policy of the State and the national goals and priorities
in
the field of socioeconomic development.
Under the provisions of this law, the law's articles grant investors the freedom to
invest in any sector of the national economy sectors except manufacturing weapons
and
explosives.
The provisions of the law apply only to investments made in the sectors identified
in the sectors set out therein with the exception of investment in the areas
regulated
by special laws, such as laws of oil, gas, minerals exploration and exploitation,
banking businesses, and trade of importing and exporting.
Under this law, the State guarantees for foreign investors equal treatment as same
as local investors without discrimination in all rights and obligations and the
freedom
to invest in any economic sectors, including individuality or partnership in the
ownership of the investment project in accordance with the provision of this law.
The articles of the law show that without prejudice to what is stipulated in the
other paragraphs of this article, it is unlawful for the government to expropriate
or nationalize
any project or any of its assets.
Without prejudice to the provision of the labor law and the laws in force, investor
may use technical labor of foreign nationalities in managing his/her investments in
Yemen.
The protection of intellectual property rights of investors and investment projects
are also guaranteed by this law and other laws in force.
In its meeting, the parliament approved two loan agreements of the 48 Hospital
Project, singed between the Yemeni government and the Chinese government, in light
of the
reports of the committees of public health and population and development and oil.
The approval came after the commitment of the governmental side to the
recommendations of the parliament, which underscore the importance of that there
should be direct
and effective Yemeni supervision during the implementation of the project.
Moreover, the parliament continued in its meeting the discussion of the articles of
the draft law on income tax in light of the report of the financial affairs
committee.
BA