HARGEISA- Somaliland seeks increased Ethiopian investments in the fishery, agriculture, and logistics sectors as Hargeisa craves boosted trade ties with its gigantic neighbor.
Having a strategic location, easy access to the sea, and untapped natural resources, Somaliland expects more Ethiopian FDI following the recent sea deal between the two sides.
“We also need to unlock the big opportunities to cement investment links with our gigantic yet landlocked neighbor. I encourage Ethiopian investors to utilize Somaliland’s strategic location, easy access to the sea, security, and resources which are not utilized properly,” said Investment Minister Abdirizak Ibrahim speaking exclusively to The Ethiopian Herald.
Somaliland has vast potential for fishery development and can export fish products to Ethiopia and the latter’s investors can tap this business opportunities as well, he said adding his country can offer easy business entry to foreign investors.
In Somaliland, foreigners and locals are provided with equal investment opportunities, we lease land and offer licenses and tax exemptions. Somaliland is seeking potential investors from Ethiopia and African nations.
“Currently, lots of Ethiopian investors have been engaged in various small and medium businesses, but we hope that big companies will arrive and invest in the future.”
Somaliland expects more investors from Agribusiness as Ethiopia’s agricultural sector is going through rapid positive changes, the minister added.
The MoU is expected to bring lofty benefits not only to both sides but also to the region at large. Once the deal is effectuated, trade will flourish and business will boom, the minister expressed his optimism.
Signaling the ongoing collaboration among Ethiopia, Somaliland and DP World in Berbera Port development, the Minister stressed the need for regional cooperation to facilitate investment and trade in the area.
Ethiopia is also a country with large fishery resources and the production is mostly concentrated in Lake Tana and Great Rift Valley Lakes.