Somalia, Egypt Seek Closer Investment Ties Ahead of Africa Business Forum

GOOBJOOG NEWS | MOGADISHU: Somalia and Egypt are looking to deepen investment and trade ties, with officials from both countries discussing closer cooperation between their investment agencies ahead of a major African business forum in Egypt.

Somalia Investment Authority Director General Feysal Adan Hassan met Egypt’s ambassador to Somalia, Mohamed Salah Keshtah, in Mogadishu on Wednesday, with talks centred on investment, trade and economic development.

The meeting came ahead of the Alamein Africa Business Forum, which is due to bring together business and investment stakeholders in the Egyptian city of Alamein from October 2 to 4.

Hassan and Keshtah discussed Somalia’s participation in the forum and the role the Somalia Investment Authority could play in showcasing investment opportunities and building connections with potential investors.

They also explored plans for closer cooperation between the SIA and Egypt’s General Authority for Investment and Free Zones (GAFI), seeking to establish stronger links between the institutions responsible for promoting investment in the two countries.

The proposed cooperation could include sharing investment expertise and information while helping businesses identify opportunities and partnerships across the two markets.

The discussions come as the federal government of Somalia seeks to attract more private capital and develop sectors capable of generating jobs, exports and wider economic activity.

Agriculture, livestock, fisheries, construction, transport, financial services, banking and energy were identified as areas offering potential for greater economic cooperation between Somalia and Egypt.

Somalia’s long coastline and agricultural and livestock resources offer opportunities for investment, while Egypt has a large and diversified economy and established experience in several of the sectors being explored.

The talks reflect a broader push by Mogadishu to strengthen economic diplomacy and use investment partnerships to translate Somalia’s natural and commercial resources into productive businesses.

The Alamein forum will provide another platform for Somalia to present those opportunities as it seeks to attract investors and build stronger links between its emerging investment institutions and counterparts across Africa.