The Minister of Industry and Trade discusses strengthening cooperation with the French ambassador to tackle economic challenges.

In a significant meeting held today in the temporary capital of Aden, Minister of Industry and Trade, Mohammed Al-Ashwal, engaged with French Ambassador to Yemen, Catherine Grameau, to explore ways to enhance cooperation and coordination in addressing economic and trade challenges. This dialogue comes amid the extraordinary circumstances currently facing Yemen.

Addressing Economic Challenges

During the meeting, both officials discussed various economic and trade issues, focusing on the difficulties posed by the Houthi militia’s threats in the Red Sea. These threats have adversely affected international shipping and, consequently, Yemen’s trade activities. The discussions highlighted the critical need for ongoing regional and international support for the Yemeni government’s comprehensive reform program. This support aims to open new avenues for trade cooperation, improve the trade balance between Yemen and France, and leverage advanced French expertise and industries to foster sustainable strategic partnerships that contribute to economic development.

Importance of Oil Exports

The meeting underscored the necessity of resuming crude oil exports to bolster the state’s public resources. Al-Ashwal emphasized that this would positively impact essential services, enhance the investment environment, and improve the living conditions of citizens. He also pointed out that the humanitarian crisis has worsened due to the actions of the Houthi militia.

The Impact of War on the Economy

Al-Ashwal stated, “The war instigated by the Houthi militia has severely affected the humanitarian and economic situation, leading many private sector entities to relocate abroad.” He reiterated the government’s commitment to preserving the remaining national capital within Yemen while supporting expatriate private sector initiatives through the establishment of Yemeni business councils in host countries. He warned that the continuation of the war exacerbates the situation, particularly with the halt in oil exports, which has led to a significant depreciation of the national currency and a decline in individual incomes. He stressed the importance of adhering to the government’s plan for economic reform and comprehensive recovery.

Support for Entrepreneurs

The Minister also confirmed that the ministry is committed to facilitating opportunities for entrepreneurs and small business owners. Several cooperation agreements have been signed with incubators for entrepreneurship and small to medium-sized enterprises to support and advance these initiatives, thereby contributing to economic development. He expressed gratitude for the generous support from allies, including Saudi Arabia, the United Arab Emirates, and the European Union, particularly France. Al-Ashwal emphasized the importance of continued governmental support to fulfill national responsibilities, improve overall conditions, and stabilize the national economy.

French Ambassador’s Commitment

In response, Ambassador Grameau expressed her appreciation for the Yemeni government’s efforts to improve public conditions and provide services to citizens. She reaffirmed her government’s commitment to supporting Yemen, both its people and government, in mitigating the impacts of the ongoing economic, trade, and humanitarian crises.

Meeting Attendees

The meeting also included ministry officials, including Deputy Ministers Ali Atef Al-Sharafi, Mohammed Al-Humaidi, and Dr. Atef Haidara, who contributed to the discussions on enhancing Yemen’s economic landscape.

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