July 21, 2009
Yemen firm signs US$1 million agreement for shrimp farming
A memorandum of understanding was signed on Saturday (Jul 25) between the Ministry of Fisheries Wealth and the Yemeni Company for Industrial Investments to cultivate shrimp and set up a canning factory on the Red Sea at a price of YER200 million (US$1 million).
Under the memo, the company would prepare a study of these projects and a timetable to carry them out and the ministry would present all facilities mentioned in the law of investment.
The memo was signed by the minister of Fisheries Wealth, Mohammed Shamlan, and board chairman of the Yemeni Company for Industrial Investments, Mohammed Fahim.
The memo insisted on assessing the possible environmental impacts of these projects as well.
Shamlan said that the signing of the memo comes within the efforts of the state to encourage the private sector to invest in the fishing sector in order to increase fisheries production.
