The internationally recognized Yemeni government announced on Tuesday, August 20, 2024, its intention to explore the establishment of a Yemeni-Chinese bank. This initiative aims to simplify the transfer of funds for exporters and importers, as well as remittances to and from China.

The announcement came during a meeting in Aden, the temporary capital, between Yemeni Minister of Industry and Trade, Mohammed Al-Ashwal, and the chargé d'affaires of the Chinese embassy in Yemen, Zhao Zheng. This was reported by the official Yemeni News Agency Saba.

During the meeting, which focused on strengthening and developing bilateral cooperation, Minister Al-Ashwal highlighted the importance of Chinese collaboration in adopting vital projects in the fields of clean energy, electricity, port development, and oil exploration.

He also emphasized the need for China's participation in rebuilding Yemen's war-torn infrastructure, emphasizing its pivotal role in the Belt and Road Initiative. He further highlighted the depth of trade relations between the two friendly countries, exceeding $3 billion annually.

According to the agency, the Minister of Trade and Industry stressed the importance of continued coordination and joint meetings on trade and industrial matters between the two countries. He proposed the formation of a joint Yemeni-Chinese committee to revitalize the trade balance, which has been disrupted by recent events in the Red Sea.

He also underscored the importance of activating existing agreements between the two countries, particularly the Belt and Road Initiative, commending China's unwavering support for Yemen's unity, stability, and the achievement of comprehensive peace in accordance with nationally agreed-upon and regionally and internationally supported frameworks.

In response, the chargé d'affaires of the Chinese embassy reiterated China's commitment to providing various forms of support and humanitarian assistance to Yemen.

He noted that the embassy would also facilitate the issuance of visas for Yemeni traders, along with offering customs and tax exemptions for Yemeni exports to China.

The chargé d'affaires extended an invitation to Minister Al-Ashwal to attend a reception celebrating the 75th anniversary of the founding of the People's Republic of China and the 68th anniversary of the establishment of Chinese-Yemeni diplomatic relations.