Somalia Pushes for New Investment Ties with China at Hainan Forum

GOOBJOOG NEWS | HAIKOU: Somalia’s Deputy Minister of Commerce and Industry, Mohamud Abdullahi, has called for greater financial cooperation between Somalia and China, proposing new joint investment platforms to bolster infrastructure and digital growth in the East African nation.

Speaking at the 11th China-Arab Business Cooperation Forum in Hainan Province, Deputy Minister Abukaate urged the establishment of bilateral investment agreements and joint institutions such as a Somalia-China Development Bank or Investment Fund.

These, he said, would channel funding into vital sectors including electricity, fisheries, agriculture, and digital technology.

“We need a strong legal and financial framework that reassures investors and accelerates development,” Abukaate told delegates at the high-level panel themed “Strengthening Financial Cooperation for Shared Benefits and Mutual Success.”

He also spotlighted the role of financial technology in transforming Somalia’s economy, particularly for small and medium-sized enterprises.

With digital payment systems like Hormuud Telecom’s EVC Plus already entrenched in daily transactions, Abukaate said collaboration with China could expand Somalia’s fintech landscape and drive regional trade.

“Somalia’s leap in mobile money has laid the groundwork. What we need now is investment in scale, security, and regional integration,” he said.

Somalia’s presence at the forum underscores its intent to build modern financial partnerships and attract strategic Chinese investment to support its post-conflict economic transformation.