Senate Passes Investment Law, Paving Way for New Promotion Agency

GOOBJOOG NEWS | MOGADISHU: The Senate has approved the 2025 Somalia Investment Law, a measure intended to streamline investment governance and boost both local and foreign investment in the country.

The law establishes the Somalia Investment Promotion Agency (SOMINVEST) under the Ministry of Planning, Investment and Economic Development, along with a National Investment Council to coordinate policy and oversight.

Planning Minister Mohamud Beenebeene welcomed the Upper House vote, thanking senators for backing a draft he said had undergone two years of preparation and review.

The Lower House endorsed the bill earlier, and it now awaits President Hassan Sheikh Mohamud’s signature before coming into force.

Officials say the legislation is expected to strengthen investor confidence and support efforts to attract foreign direct investment to Somalia’s recovering economy.