NAIROBI – Somaliand has invited Kenyan investors to venture into the Horn of Africa nation and invest.
Somaliland Foreign affairs and international cooperation minister Yasin Mohammed Hiir has said his country is interested in opening its doors on foreign investors keen in not only trading with Somaliand but also creating opportunities for the growing youthful population looking for jobs and business opportunities.
In his remarks during the Somaliand Investment Conference in Nairobi last week, Hiir said there is great opportunity for trade and investment in Somaliand.
“Kenya and Somaliand share so much in common. We have a historical bond that needs to be nurtured so as to empower our people through trade and investment,” said Hiir during the conference organised by the Somaliand liaison office in Nairobi.
“Whilst Kenya is advanced in many aspects and is a lead country in this region, Somaliand is a nascent and emerging jurisdiction. For the time being, Somaliand is a net importer of nearly everything we consume. It therefore beats logic that Somaliand should import what it can get from Kenya next door from countries as far as in the South American continent,” he observed.
His said Kenya and Somaliand should reinforce their pursuit for mutual interest on the basis of shared vision and common values. “We need to expand cross border trade and investments between our two countries for mutual gain.”
“The large numbers of Kenyan citizen who are working and living in Somaliand as well as the businesses that have been established themselves in Somaliand are testimony of our attractiveness and hospitality. This in essence necessitates a reciprocal action of some sort from the Kenyan side so we can expand these gains. We can have a convergence between our objectives and priorities in order to increase prosperity for our citizens through enhanced trade and investment,” said the minister.
Areas of interest
He said the government of Somaliand is interested in trade and investments, financial integration, free movement of goods, services and people, education and student mobility, small micro enterprises tourism and hospitality.
Other areas he said the country was interested in partnering with others is digital economy and connectivity, blue economy, innovation, science and technology.
“Our diplomatic and trade missions are tasked with identifying, facilitating and supporting new and prospective business and investment opportunities by providing critical business and investment information, timely and efficient consular services and linkages with Somaliand.
“The increasing interest in investment prospects in various sectors in Somaliand and the upturn in fortunes such as tripartite investment in expanding and modernising the Berbera port and Berbera corridor, the multi-million dollar project investments such as the Coca Cola plant, fibre optic cable and the large exploration works by international oil and gas companies is clear indication that Somaliand is becoming attractive to foreign investors,”
The minister said Somaliand diplomatic missions like the liaison office in Nairobi have been upgraded to provide the nexus of business, public policy and public opinion and avail strategic guidance to business in Kenya.
The one-day Investment Forum was organised to showcase the investment opportunities available in Somaliand to Kenyan investors.
Top Somaliland government officials, businessmen and Kenyan businessmen attended the forum.