Somaliland: State Establishes Mechanisms to Ease Investment

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“This dept and the investment guide shall accelerate the country’s economic development” VP Sayli

“My Ministry will be launching a One Stop Shop initiative very soon, which will bring the registration process for all foreign and domestic businesses under one office” Dr Omar

VP Sayli (C) flanked by Government ministers at the launch

By: Yusuf M Hasan

HARGEISA (Somalilandsun) – Prospective Investors in the country shall no longer act without detailed information following the launch of an Investment Department by the Somaliland Ministry of Commerce & Investment in Hargeisa

At the launch functioned that also saw the Somaliland investment guide which was funded by USAID and jointly implemented by its partnership for Economic Growth Program and the ministry of Commerce and investment, become official thence declaring Somaliland open for business.

The function officiated by the Vice president Abdirahman Abdilahi Sayli was participated by the minister of Commerce & Investment Dr Mohamed Abdilahi Omar and his deputy Bashir Abdi Harir, Minister of Planning Dr Saad Ali Shire and Minister of Livestock Development Dr Abdi Aw Dahir as well as several ministerial Director generals, USAID partneship for economic growth representatives, Somaliland Chamber of Commerce officials, local business tycoons and citizens

In his address VP Sayli who commended the Ministry of commerce & Investment for bringing to speed the new department which is as per the development policies of the administration also thanked the USAID Partnership for Economic Growth for related assistance.

“This new dept and the investment guide shall not accelerate the country’s economic development but help create much needed employment opportunities” said VP Sayli

The Commerce minister Dr Mohamed Abdilahi Omar who also thanked USAID for ongoing and fruitful partnership that has resulted in various innovations especially that make investment in the country as simple, straightforward and convenient as possible through availability of detailed information available through http://somalilandinvest.net  which is a business news portal under the ministry and the new investment department that shall ease facilitation of registration.

Donors reps and other guests at the launch

In Elaboration, Dr Omar who said that the country is now endowed through the Ministry of Commerce & Investment with the basic tools to make Somaliland a favourable destination for foreign investors also informed that stringent bureaucratic processes in place before are now a thing of the past.

Revealing that his ministry is not basking in success thence resting its laurels said “My Ministry will be launching a One Stop Shop initiative very soon, which will bring the registration process for all foreign and domestic businesses under one office”Dr Adam Ismail

According to the USAID Partnership for Economic Growth investment specialists Dr Adam Ismail all necessary information in the investment guide which declares Somaliland open for business is easily accessible to all for perusal is available at the now very functional English language portal http://somalilandinvest.net  while the Somali language version is in the process of development and shall be launched soon.

Read below the verbatim excerpts of the Opening remarks by the Minister of Commerce & Investment

Distinguished guests, colleagues and friends,

I am very pleased to state that the Ministry of Commerce & Investment has completed the establishment of an Investment Department with which to streamline the process of registering and supporting all foreign investment initiatives through the Ministry. This is part of my larger government initiatives to fully make use of the economic potential available within Somaliland for the benefit of all Somaliland’s citizens, by making investment in the country as simple, straightforward and convenient as possible.

I want to thank the international partners that have supported this initiative. In particular, I would like to express my gratitude to USAID for supporting the production of the investment guide, for working alongside our ministries to ensure the guide reflects the true economic potential Somaliland has to offer, for establishing an investment-friendly Web Portal as well as for reviewing our Foreign Investment Law, which we hope to pass through parliament soon in an updated form. These efforts will endow the Ministry of Commerce & Investment with the basic tools to make Somaliland a favourable destination for foreign investors.

I am confident that, with creation of this office, alongside the development of investor-friendly legal framework and economic regulations, we will improve the way we manage and encourage Direct Foreign Investment into Somaliland, and we will be better positioned to meet the needs of investors looking to take advantage of the economic boom spreading throughout Africa

Dr Omar Commerce and Investment Minister addresses the launch

I also want to declare that the Ministry will be launching the One Stop Shop initiative very soon, which will bring the registration process for all foreign and domestic businesses under one office. This will, again, constitute another milestone in promoting economic development by reducing inefficiencies and bottlenecks that could hinder full investment in Somaliland’s many resources, such as livestock, fisheries, agriculture, light industry, telecommunications and other innovative industries.

These initiatives will together provide a solid foundation for the development of Somaliland private sector and the economic activities. Our government is fully committed to the continuation of this policy, and to creating an investment climate through enacting the proper legal and policy initiatives.

I am delighted to welcome the Vice President of the Republic of Somaliland and to ask him to formally open today the first office solely dedicated to investment promotion in Somaliland.

I again express my gratitude to all those who contributed to making this a reality, and stand by the Ministry in doing all it can to ensure these initiatives are utilized to the fullest.

Thank you.

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