[27/July/2010]

SANA'A, July 27 (Saba)- The parliament continued on Tuesday the discussion of a draft law on investment in light of the report of a joint committee, composed from the committees of finance, trade and industry ,and development and oil.

The Parliament will vote on the draft law after the discussion and approval of articles requiring re-debate and submission of the draft law in its final form in another meeting.

On another hand, the parliament listened to a report by a joint committee, composed from the committees of transport and telecommunications, and development and oil, on the loan agreement of Socotra seaport project between Yemen and the Kuwaiti Fund for Arab Economic Development (KFAED) with an estimated amount of USD40.8 million.

The committee indicated in its report that there is an urgent and necessary need for the establishment of this port in the island of Soctora to secure its various needs, as there is no way else to transport only the air which is costly.

In accordance with the procedures specified in the parliament's internal regulations organizing the mechanism of discussing reports, the parliament postponed the discussion of this topic to a future meeting.

Furthermore, the parliament began discussing a draft law to amend some articles of Law No. 14 for 1990 on the customs according to the report of the finance committee, which is extremely important as it is associated with several segments of the community and relevant to various economic aspects.

The proposed amendments noted that the goods entering Yemen's lands in any way must be subjected to customs duties specified in the customs tariff and other fees and taxes in accordance with the laws in force and applying the tariffs on goods of all states taking in consideration the special provisions in this law.

The parliament will continue its discussion of the articles of the draft law, subsequently.

BA

Saba