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Times are changing-#Somaliland is ready for investors

Map of the Italian invasion of British Somalil...

Despite lack of international recognition, Turkey has been able to advance FDI to Somaliland.Other Islamic states could follow in the absence of strong government in Somalia.

By Editor
As a sign of times changing, the government in Somaliland is doing all they can to present to the world that they are moving on and are ready for investors. It has been 20 years since breaking away from the mainland Somalia and Somaliland is making progress by producing their first ever investment document.
So many of our readers would be forgiven for confusing Somaliland with the troublesome Somalia. somalilandtravel.com explain that the former British Somaliland Protectorate achieved full independence from the United Kingdom in June 1960.
However it voluntarily joined Somalia to form the Somali Republic. Somaliland restored its independence  in 1991 after the collapse of Somalia as a result of the civil war. Since then it has established and sustained peace and stability. It remains a self-declared sovereign state with a democratic elected government. After more than 20 years of peace and democracy it’s still seeking for international recognition.The Republic of Somaliland is situated in the Horn of Africa with boundaries defined by the Gulf of Aden in the North, Somalia in the East and Southeast, the Federal Republic of Ethiopia in the South and West, and the Republic of Djibouti to the Northwest. It lies between latitudes 8° 00’ and 11° 27’ north and longitudes 42° 35’ and 49° 00’ east, with mountains rising to 2000 meters in the east of the
The total area of the Republic of Somaliland is estimated at 137,600 km² with a coastline of more than 850 km long.Climatically, Somaliland can be described as semi-arid and arid. Somaliland consists of three topographic zones: coastal plain (Guban), mountain range (Oogo) and plateau (Hawd). The coastal plain “Guban” is between the sea and the mountain range known as “Golis”. This is a narrow and dry strip of land along the coast and is very hot hence the name `Guban’, meaning “the burnt” in Somali. Guban gets narrower towards the East and wider towards the West. The
Golis range (Oogo) is the escarpment south of Guban zone and runs along the coastal lines in the North of the country, where the highest peak known as Surad rises up to 2,633 m (7000 ft) above sea
level. The Golis Mountains extend from Ethiopia in the West to Sanaag region in the East
Livestock is currently the leading economic sector in all of Somaliland
There are no perennial rivers in Somaliland; however there are many ephemeral wadis (togs), or dry river beds. These river beds are dry most of the year but are filled with water during the rainy seasons of Gu and Deyr.Somaliland’s isohyets map indicates that the mean annual rainfall varies from 150 mm in the narrow coastal fringe in the north known as `Guban’ to 500 mm in some South-West areas and in parts of the Golis range of the country. In terms of temperature, there is a great variability depending, generally, on the altitude of the area. The mean annual temperature ranges from 18oC in the higher escarpment of the Golis to 31oC in the northern coastal towns such as Berbera and Zeila.
The mean temperature during the summer (Hagaa) is between 34o C and 38oC, the highest recorded temperature being close to 48o C. The mean winter (jiilaal) temperature varies from 15oC to 24oC, and the lowest temperature recorded is -2oC in Erigabo near the Surad Mountain.
In a document Why Invest in Somaliland, Somaliland Investment Portal highlights the following:
  • Security and Democracy

Somaliland has witnessed a great deal of progress over the last 20 years of self-governance. Peace and stability has been restored through the efforts of the people of Somaliland. Democratic systems have been established and have continued to evolve after five successful elections at the presidential, parliamentary and local government levels. Well trained and professional security forces protect the population from terrorism and organized crime. This means that the foundations are now in place to build on these achievements to attract foreign direct investment and strengthen local capacities to promote sustainable employment and economic development.

  • New Foreign Investments

Somaliland has extended its economic engagement with foreign governments within the region and beyond. It is engaged in negotiations with Ethiopia to finalize the first official bilateral strategic cooperation agreement. Djiboutians have invested heavily in Somaliland’s economy, including about $15 million in a Coca Cola factory which opened in 2012. Somaliland has used diplomacy to help explore recent efforts to attract FDI from Turkey, Malaysia, the UAE, Kenya, Egypt and China into Somaliland’s key sectors such as livestock and fisheries. In addition, a great deal of Somaliland Diaspora investment is coming from the UK, Norway, Finland, Denmark, Germany, Canada, and the United States.

  • Sound Regulatory Reforms

Somaliland is reforming its once cumbersome regulatory framework to better promote investment. An Investment Climate Unit has been established within the Ministry of Commerce to streamline business registration. Important legislation—such as the Foreign Investment Law, the Islamic Banking Law, the Central Banking Law, the Electrical Energy Act, and the Commercial Banking Act—has either been passed or is making its way through Parliament.

Please access more information here –http://somalilandinvest.net/somaliland_investment_guide.pdf

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