JEDDAH, 25 February — Yemen's Deputy Premier and Foreign Minister Abdul Qader Bajamal said Saudi Arabia and Yemen should work for economic integration to serve a model for other countries to emulate. He called on Saudi investors to enter into viable and large projects in his country, saying that the Yemeni government fully supports such moves.
Speaking at a joint meeting of Saudi and Yemeni businessmen yesterday in Sanaa, Bajamal said future interests of the two countries were inseparable and could not be marginalized or isolated. He called on both sides to work with a spirit of unity to ensure success.
Ismail Abu Dawood, chairman of the Council of Saudi Chambers of Commerce and Industry, who called on businessmen in both countries to work for the two peoples' interests, heads the high-level Saudi delegation. "We should face the challenges of globalization through cooperation, fraternity and partnership," he said
The meeting was also addressed by Yemeni Minister of Trade and Supplies Abdul Aziz Al-Kumaim, who said the gathering would help serve the economic interests of the two countries through the establishment of joint projects. "Yemen is still a virgin land and its resources remain untapped. The country is open for investment in almost every area of economic activity," he added.
Yemeni ministers of planning, tourism and culture will join the discussions which reflect a strong desire by the Saudi-Yemeni Coordination Council headed by Prince Sultan, the second deputy premier and minister of defense and aviation, and Dr. Abdul Karim Al-Iryani, Yemeni prime minister, to see bilateral relations further improve.
The two sides signed an agreement calling for the establishment of a joint business council to promote economic ties.
Saudi exports to Yemen in 1999 were SR5.34 billion with the trade balance tilting in favor of the Kingdom to the tune of SR441 million. There are 25 joint industrial projects with a capital of SR744 million. The Yemenis contribute 26.18 percent of the total investments.
