Yemen, ICD discuss activating MOU on industrial zones

SANA'A, Sep.06 (Saba)-
Ministry of Industry and Trade Yahya al-Mutawakil met here on Monday with Khalid
al-Aboudi, Chief
Executive of the Islamic Corporation for the Development of the Private Sector
(ICD), a subsidiary to the Islamic Development Bank.
Talks in the meeting discussed operational mechanisms to activate the memorandum of
understanding (MOU) signed between the two sides in last May.
Al-Aboudi briefed al-Mutawakil on results of the visit of the technical team sent
by the corporation last month to study projects of the industrial zones in Aden,
Lahj and
Hodeidah to implement the provisions of the MOU.
The MOU included in its first stage developing the idea of the industrial zone
project agreed upon through conducting the economic feasibility and technical
studies of the
project.
The two sides dealt with ways to implement the second stage of the MOU, in which
the ICD performs the role of strategic partner and financial adviser to supervise
on developing
and operating the industrial zone.
The ICD is implementing an initiative for private economic and industrial zones and
has chosen Yemen and Mauritania to be the first two states to take advantage of
this
initiative, al-Aboudi pointed out.
He indicated that the target amount in the first stage reach USD 10 million
distributed over three years.
Furthermore, al-Aboudi said that Saudi and foreign businessmen pay attention to the
investment in Yemen, noting that the annual meeting of the Islamic Development Bank
that
would be held next year in Yemen would be an opportunity for the promotion of
industrial zones in Yemen and investment opportunities to attract further
investments to Yemen.
For his part, al-Mutawakil praised the existing cooperation with the ICD, affirming
the keenness to avail from the distinct experiences for the success of the
industrial
zones in Yemen.
He noted to the steps made by the Ministry of Industry and Trade to rehabilitate
and develop the industrial zones.
BA