Somaliland-German Investment Forum for Economic Co-Operation and Development

Somaliland-German Investment Forum for Economic Co-Operation and Development

The Somaliland-Germany Investment Forum has been organized jointly by the Somaliland Ministry of trade and Investment and African Varian on November 10th, 2016 in Berlin. The forum had a great importance for both countries, Germany and Somaliland. High-ranking Government officials and businessmen have attended the event and discussed on ways to enhance economic relations between the two countries and raise the volume of trade exchanges between the two countries to higher level ,so as to create an environment that is conducive for business growth, with the main intention of building up strong diplomatic ties and business relations between the two countries and helping to Re-activate the pervious long historical diplomatic and economic relations of the two countries.

Significant number of development projects have been funded and implemented by the German development aid partners. As an example of the GTZ funded project of Burao Technical Institute, that is one of the top vocational training schools in Somaliland. Whoever graduates from Burao Technical Institute is considered as among the most successful individuals on many angles of life particularly on socio-economic aspects.

The Somaliland and Germany had a Trade connections dated back to 20 centuries. Somaliland imports vehicles and medicine from Germany and exports products include Frankincense and gums to Germany. The Somaliland Minister of Trade and Investment Dr. Omer Shucayb praised the great development witnessed in the relations between the two countries, especially in the economic field, pointing out the need to take advantage of the large investment opportunities and capabilities offered by Somaliland to investors through its strategic location. He called on the German business sector to explore the investment opportunities available in the country and to promote Germany investments.

The Objective of the Somaliland-Germany Investment Forum basically was about to Promote the Somaliland investment opportunity and reactivate the Somaliland and German trade relations.

The Government of Somaliland came to Germany for the Somaliland-Germany Trade & Investment Forum.  Led by Hon Dr Omar Shucayb Minister of Trade and Investment and Minister of Foreign Affairs.  The Forum was the country’s highest profile investment outreach on the international stage, to date. In recent years; Somaliland has adopted a more market-oriented growth strategy, which has seen the economy open up. For potential investors, this Forum was  only one of its kind opportunity to connect directly with the government and senior decision-makers of one of the most topical investment priorities. Thanks to Africa Verein for the wonderful organization of the event which brought together businesspeople with different sectors like energy, livestock, agriculture, telecommunication, banking, and construction and 5 Government officials participated the forum

The Ministers of Foreign Affairs, Trade & Investment and the Chairman of Somaliland chamber of commerce presented detailed and comprehensive report on the various investment opportunities in the country. The minister of Foreign affairs and international cooperation explained the political and security situation of Somaliland particularly the process of state building, conflict resolution, peace building, reconstruction of the country and the political democratic process followed by the government of Somaliland for the last 26  years of Somaliland independent from south Somalia.

The Minister of trade and investment Dr shucayb highlighted the overall economy of Somaliland specially the investment opportunity, trade relations, government economic policies and the commitment of Somaliland government to expand trade relations and encourage the foreign investment. The minister also described the Somaliland-Germany relationship with historical and well-established values, praising the government’s importance to its nation in various fields.

The Minster called for the German businesspeople to invest Somaliland ,whereby he  clearly presented the facilitation, promotion and incentives of the government of Somaliland intends for the foreign investors, at same time the minister underlined the trade and investment polices of Somaliland are based on free market economy.

The government sets the regulatory framework while the private sector run the business, also the minister illustrated the various investment opportunities in Somaliland, and the various priority sectors of the country  like fishing , livestock, Agriculture, gums and resins, energy, mining, petroleum, as well as the financial sector ike banking, insurance, microfinance mortgage, tourism and archeology construction of infrastructures as well as industrialization sector.

The chairman of Somaliland chamber of commerce Mr. shukri explained the structure of the Somaliland chamber of commerce and its functions. He continued to  highlight the main cluster composed of the chamber of commerce like industry association, agriculture association, livestock association, service association and General trade association,

The chairman told that they  work  closely with  the private sector and they stand for defending and promoting the interest of business people, on the other hand the  chairman mentioned the leading sectors that have been invested by the local people ,these include telecommunications, banking, remittance and small size industry producing water and  Coca-Cola.

The Chairman continued to say that they have made substantial efforts in Business mobilization and has taken important actions aimed at facilitating private-sector development. They lead the businesses in the preparation of development plans aimed at improving competitiveness and providing a clear framework within which the government supports the expansion of economic activity.

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