19 March 2014

Somalia: Puntland Chamber of Commerce Calls for Investment

Garowe — Puntland Chamber of Commerce urged Somali business community to invest in the northeastern state and seize the emerging market potentials on Wednesday, Garowe Online reports.

Speaking at a launching event held for the construction of Iftin Bank in Puntland capital of Garowe, Saed Hussein Eid Chamber of Commerce Chairman encouraged the tycoons and business community members to pave the way infrastructure investment by focusing on various sectors.

"The Somalis position their commercial centres in different places, they created booming businesses in South Africa but they were targeted and killed, they did the same in South Sudan, deadly conflict started and they fled, henceforth instead of moving from one place to another, you must invest in your country," said Eid.

As Puntland remains safe haven with large reserves of natural resources, Puntland's Minister of Commerce voiced support for all interested businessmen and women who would be investing in petroleum industry, livestock and agriculture sectors.

Middle East Markets

The Somali producers' conference and exhibition 2014 (SOPEC) has on Wednesday been concluded with calls for investment in the war-ravaged horn of Africa nation in the presence of Federal Government of Somalia's Minister for Trade and Industry Adan Mohamed Nur.

The meeting explored ways of linking Somali businesses to middle east markets, calling on Gulf nations including the United Arab Emirates to take advantage of farming, livestock and fisheries sectors in Somalia.

Addressing participants at Dubai's World Trade Center, Nur hailed efforts to link Somali businesses to Middle East markets: "The Somali government is ready to do everything to promote our producers in order to link them to markets like in the UAE and other countries and I would like to thank FAO and the EU for this effort".

Amid looming threats of instability in southern and central Somalia, International Community is pushing for fruitful steps towards the re-establishment of productive opportunities and an environment conducive for booming and attractive investments.

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