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Somalia, Turkey’s OYAK Group Sign Deal to Boost Fisheries and Blue Economy

Storyline:Business

GOOBJOOG NEWS | MOGADISHU:  Somalia has signed a landmark agreement with Turkey’s OYAK Group to strengthen its fisheries sector and expand its blue economy.

According to the Ministry of Fisheries and Blue Economy, the deal, signed in Mogadishu by Somali Fisheries Minister Ahmed Hassan Aden and a representative of Sermaye Yatırımları Anonim Şirketi on behalf of OYAK Group, outlines a broad partnership aimed at transforming Somalia’s marine sector into a driver of economic growth and youth employment.

The agreement includes direct investment in fisheries infrastructure, enhanced fish production, improved processing standards for international export, and the establishment of domestic fish processing industries. It also aims to strengthen mechanisms to combat illegal, unreported, and unregulated (IUU) fishing, an issue that has long plagued Somali waters.

“This partnership represents a turning point for Somalia’s fisheries sector and the broader blue economy,” Minister Aden said, adding that the initiative would create jobs and expand revenue from marine resources, which remain largely underutilized.

Officials said the agreement is part of a wider strategy to attract international investment and position Somalia as a competitive exporter of high-quality seafood products in global markets.

The Ministry emphasized its commitment to sustainable development through partnerships that can harness the economic potential of the country’s vast coastline, one of the longest in Africa.

The collaboration with OYAK, one of Turkey’s largest industrial and investment groups, marks a deepening of economic ties between the two nations, and reflects a shared interest in long-term regional development.