Egypt's Minister of Transport, Kamel El-Wazir, along with a delegation of Egyptian businessmen, is set to visit Somalia in the coming days to explore investment opportunities, particularly in the infrastructure and port sectors.
The visit marks a continuation of growing economic ties between the two nations, offering Somalia a chance to tap into vital resources for its development.
According to Somalia's Minister of Planning, Investment, and Economic Development, Mahmoud Abdirahman Farah Benebene, the Egyptian delegation's primary goal is to discuss and implement major infrastructure projects that could significantly bolster the country's economy.
"This visit by the Egyptian delegation is an important step in exploring investment opportunities in our country," said Benebene, emphasizing the strategic importance of this collaboration.
The backdrop to this visit highlights the increasingly close economic relationship between Somalia and Egypt. Data from the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) shows that Egyptian exports to Somalia have surged by 27.7%, rising to $54 million in the first 11 months of 2023, up from $42.3 million during the same period in 2022.
Despite this growth in Egyptian exports, Somali exports to Egypt remained steady at $2.2 million, reflecting room for increased trade between the two countries.
For Somalia, which is in the process of rebuilding and modernizing after decades of conflict, this potential Egyptian investment in infrastructure--particularly ports--comes at a crucial time. With its strategic location along major global shipping routes, Somalia's ports are viewed as key to unlocking further trade opportunities both regionally and internationally.
The Egyptian interest follows a broader trend of regional and international investors eyeing Somalia's untapped potential. As political stability improves, there is an increasing focus on the country's rich natural resources, prime geographic location, and growing consumer base.
The delegation's visit is anticipated to set the groundwork for significant new investments that could be instrumental in Somalia's economic revitalization, fostering collaboration and economic growth between the two countries.
