Sana'a – Saba:
Today, the Ministry of Economy, Industry, and Investment organized a workshop on localizing solar energy production to meet the electricity needs of local factories using hybrid systems, with the participation of representatives from solar energy production companies, local factories, and banks.
At the opening of the workshop, the Minister of Economy, Industry, and Investment, Eng. Moein Hashem Al-Mhageri, stated that the goal of the workshop is to create connections between renewable energy producers and local factories to establish solar energy power plants in factories, reduce fuel costs, and transition to renewable energy through simplified payment mechanisms that do not impose additional burdens on factories. This transition would help save significant amounts of money previously spent on purchasing diesel and mazut. The Minister emphasized that the ministry will be the guarantor of agreements between solar energy companies and factories.
He stressed the importance of benefiting from the tremendous advancements in solar energy technology and the need for local factories to shift from relying on traditional energy to renewable energy. This shift is crucial for reducing production costs and enhancing the competitiveness of local products against imported ones. It is part of the ministry's broad plans and the government's change and reconstruction agenda to improve the industrial and investment situation, protect local products, and foster industrial activity through public-private partnerships.
Minister Al-Mhageri explained that the energy problem in Yemen represents a major obstacle to industrial projects due to its high cost. Transitioning to renewable energy is one of the most important solutions to overcome this problem. He also referenced the successful experiences of several local factories and companies and how they contributed to reducing production costs.
He highlighted the unprecedented incentives for investors included in the new investment law, including exemptions for renewable energy companies and factories transitioning to clean energy. He also mentioned the Economic Incentives Project prepared by the ministry, which has been presented to the government for approval and implementation. This project aims to positively impact the economic situation by harnessing local capabilities and preserving national capital.
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