Minister of Industry: Aggression and siege led Yemen look for long-term strategic economic solutions
Minister of Industry and Trade Abdul Wahab al-Durra confirmed that the economic situation was previously dependent on oil and its revenues and there was no need to provide food and pharmaceutical stocks locally but through imports.
“National Salvation Government is seeking to support the food and pharmaceutical industries to provide as much self-sufficiency as possible,” Al-Durra told Almasirah TV on Friday evening.
He said that the aggression and blockade led Yemen to seek long-term strategic economic solutions, pointing out that the forces of aggression focused on targeting oil derivatives and raising prices by detaining derivatives ships.
On the industrial side, there was a focus on re-operating in bombed factories and encouraging small businesses that created jobs, he added.
The Minister stressed that there is a trend towards self-sufficiency, but this path needs time and an effort to raise the production situation in various economic fields.
“I am optimistic if there is a popular interaction in promoting the local product and leadership that confirms the interest in the national product and its preference for the outside,” he said.
“We are trying to do everything possible to ease the economic pressures that citizens are under as a result of the continued aggression and blockade,” he stated .
He noted that many factories have been built and constructed during the past period and the number of small industries has increased.
“We have held many events to attract qualified cadres, including the National Competition for Entrepreneurs to take advantage of human potential and invest in minds that will provide double opportunities,” he said, adding that “we are moving towards building underwriting companies that will play an important role in moving forward with industrial construction.”
On the subject of textiles, he explained that there was a near-total halt in cotton cultivation and once the plant was rehabilitated we found a response from farmers that provided a full general need for cotton.
“The government and the Economic Committee are moving to support e-cash and six companies and banks have been registered with the central bank’s license to support e-cash and e-commerce support,” al-Durra said.
He explained that work is under way to complete the electronic monetary law as part of comprehensive efforts to complete the dissemination of electronic cash and to block the aggression tampering of printing new cash without cover.