The 2023 Somaliland Economic Forum Report, recently launched by the Government of Somaliland, offers an in-depth look into the economic landscape and future prospects for the region, shedding light on pivotal insights and forthcoming initiatives poised to shape the trajectory of 2024. A concerted effort was made by the economic institutions leading the Somaliland Economic Forum to ensure that the conference transcended mere dialogue, instead focusing on actionable projects and policies.
To this end, the challenges identified were transformed into 52 tangible projects, each meticulously aligned with an outcome of the National Development Plan III (NDPIII) and corresponding sector. Furthermore, accountability was reinforced through the assignment of each project to the relevant agency or governmental institution, with clear commencement and completion dates set for each endeavor.
Among the economic institutions championing these initiatives, the Ministry of Trade and Tourism has embarked on the implementation of several projects outlined within the 52 identified endeavors. Notably, one such endeavor involves the comprehensive digitalization of business registration and licensing processes, a move aimed at enhancing efficiency and slashing processing times. Concurrently, the Ministry is spearheading initiatives such as the formulation of a National Trade Policy, facilitation of Frankincense exports, and acceleration of small-scale trade in Tog-Wajale through cross-border collaboration. These endeavors underscore the Ministry’s unwavering dedication to propelling economic advancement and prosperity within Somaliland.
Moreover, the Ministry is actively engaged in endeavors such as the development of a Commercial Code, formulation of an Intellectual Property Bill, negotiation of a trade agreement with Ethiopia, and establishment of a high-level Public-Private Dialogue platform. These initiatives collectively strive to cultivate a business-friendly environment, bolster trade relations both regionally and internationally, and fortify Somaliland’s position within the global economic landscape.
Download the report from here: https://sef.govsomaliland.org/site/downloadfile/file/MjAyNC8wNC8yMDI0LTA0LTI0LTA1LTI0LTIxLTExOTYtMTcxMzkzNjI2MS5wZGY%3D/view/1
