Business

Economic revival in Yemen

National Yemen

A side of al-Qasir hotel in Aden

By Chiara Onassis

After a year of protests, Yemen has been left with its economy in tatters and a dizzying level of unemployment, prompting an immediate need for action on the part of the government.

Saleh al-Atar, the Chairman of the Yemeni Authority for Investment revealed that he was currently working on a 10-year plan that would launch the country into the economic world scene and ensure that it stops relying solely on its oil resources for income.

“The plan is designed to spread the investment culture and promotion for competitive sectors to have investment opportunities. The new investment law focused on the involvement of the private sector to boost economy and build up a real partnership of the government,” he said.

In comparison to last year, Yemen lost over 40 percent of its foreign investors, setting the country back several years in terms of growth and modernization of its finances. With little to no money to go around and only a few commercial prospects, banks cut down on their lending, leaving small and medium businesses choking for oxygen.

Yemen’s Industry and Trade Minister Saada Al-Din Bin Talib explained that since all economic issues were inter-relevant, the government would work at setting up one comprehensive policy rather than ask ministers to work separately.

Economists reported that Yemen needed an injection of $15 billion to recover.

The government is now working at raising the money at a donors’ conference in March, hoping that GCC countries, the European Union and the United States will honor their promises of financial help.