A Positive Step to Enhance Trade in the Region”says KNCCI chief
Somalilandsun- Authorities in Somaliland recently completed one of the largest development project deals in the history of that young and un-recognised country, the concept of the Dubai Port World, 30 year concession deal to develop port of Berbera valued at $442m which, after 25 years of neglect by the international community, is may have had their chance at luck switched in becoming the next Twain of East Africa.
Director of development and trade investment at Kenya Chamber of Commerce and industry, Peter Biwott in an exclusive interview he gave Saxafi Media Network, a weekly local Somali-speaking newspaper earlier this month, according to the director which he claims that any trade and investment deal is important and a key element to any country across the world. He also went on to mention that Dubai Port World (third largest port Operator Company in the world) recent deal to develop port of Berbera, will have a significant impact economically across region, continent and around the World.
Trade and investment is a critical contributor to economic growth of any nation. Somaliland republic has her economic development objectives and promotion of trade and investment would be critical. Port development is indeed a welcome investment to the republic of Somaliland, because it would boost trade with the region and also with the rest of the world. The Government stands to enhance revenue from trade flows, jobs created, and also enhance economic and commercial ties with the Eastern Africa region, Africa region, Indian Ocean rim nations and the rest of the world.
It should also be noted that, public private partnerships, would boost investments. This agreement is an indication of Republic of Somaliland partnership beyond the borders and it is confirmation that for Africa to develop, despite local resources, foreign direct investments plays an important role in economic development. “Mr. Biwott.
Mr. Biwott, also stressed an importance of involvement of local Somaliland business community in project through programmes like “Buy Somaliland products, build Somaliland. The business community should be given an opportunity to supply inputs in the project. Jobs created, where the people of Somaliland can do, should be available to them. This would enhance the purchasing power and improve on their livelihoods.”