Sunday, February 10, 2008

Corporate governance key to instituting stock market

Corporate governance is an essential condition to the establishment of a stock market, attracting major investment and developing national reserves which will lead to combating unemployment and reducing poverty, said Dr. Yahya al-Mutawakel, the Minister of Industry and Trade, during the launch of a corporate governance conference held last Wednesday. The conference was organized by the Yemeni Businessmen’s Club and the Center for International Private Enterprise (CIPE) in cooperation with the Global Corporate Governance Forum and Hawkamah, the Institute for Corporate Governance.

Good governance involves improving the performance of governmental authorities, private sector and non-governmental organizations (NGOs) in order to improve the income levels of the country’s citizens, al-Mutawakel said.
The role of the private sector is fundamental in achieving socio-economic development. Thus, the Ministry of Industry and Trade established 232 companies with a capital of $60 billion during 2007 and 184 companies with capital of $10 billion in 2006, al-Mutawakel said.

Corporate governance key to instituting stock market

Labels: CIPE, corporate governance, Yemen

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