*Investment Magazine / Special Report*
On Monday, October 28, 2024, Prime Minister Ahmed Ghaleb Al-Rahwi met with Minister of Economy, Industry, and Investment, Engineer Moein Al-Mahakri, to review the overall performance of the ministry and its affiliated units.
Engineer Al-Mahakri presented the Economic Stimulus Program and its main components, which aim to improve the economic landscape. He also highlighted the progress on finalizing the new Investment Law, which is expected to provide suitable incentives for the private sector, attract capital, mobilize local resources, and drive forward economic, agricultural, industrial, and service projects.
He further outlined the steps taken to improve and streamline performance, simplify all procedures, and eliminate obstacles for those benefiting from the ministry’s services, building robust partnerships with the private sector. During the meeting, various completed projects were reviewed, including the E-Commerce Law, a plan for directing economic empowerment projects, and joint efforts with the Ministry of Local Administration, Rural Development, Social Affairs, and Labor. Collaboration with other ministries and entities working on economic empowerment initiatives was emphasized as essential for achieving leadership and government policies in this vital sector.
The Prime Minister stressed the need for the new Investment Law to address the current extraordinary situation, particularly in terms of reassuring and incentivizing the private sector to invest domestically. He emphasized the importance of including all necessary exemptions and facilitations in the law to stimulate economic activity across agriculture, industry, and services, aligning with the leadership’s directives to localize products, support and protect local industries, and enhance their competitiveness against imported goods.
Al-Rahwi commended the ministry's leadership for their tangible efforts in enhancing performance in this critical sector and for advancing the simplification and acceleration of procedures for those benefiting from the ministry's activities.
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