This archive report was first published on 2 September 2021.
On September 2, 2021, Somalia took a significant step towards improving its business environment by launching a trade information portal in collaboration with the International Finance Corporation (IFC).
The new portal provides Somali traders with easy access to over 90 laws, regulations, procedures, and other trade-related measures from most government agencies in the country. Businesses can now obtain licenses, permits, and applicable fees through the website, streamlining trade procedures and reducing costs.
According to H.E. Abdulkadir Sharif Shekhuna, Somalia's Minister in the Ministry of Commerce and Industry, the portal will serve as a valuable tool for the business community, facilitating import-export activities.
Amena Arif, IFC Country Manager for Somalia, emphasized the importance of trade in Somalia's economic growth, stating that having fast and easy access to trade information and procedures is crucial for traders and investors.
The trade information portal is expected to benefit small and medium-sized businesses involved in importation and exportation, leading to increased efficiency and cross-border trade between Somalia and neighboring nations.
Read more about Kenya's efforts to improve trade relations with Somalia in Kenya Reopens its Airspace With Somalia.
