Wednesday October 16, 2024
Mogadishu (HOL) — Egypt's Minister of Transport, Kamel El-Wazir, along with a delegation of Egyptian businessmen, is expected to visit Somalia in the coming days to explore potential investment opportunities.
Somalia's Minister of Planning, Investment, and Economic Development, Mahmoud Abdirahman Farah Benebene, stated that the delegation's visit aims to discuss and implement major infrastructure projects, including potential investments in the country's ports.
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Minister Benebene emphasized that the growing interest from both regional and international investors presents a significant opportunity for Somalia's economic development."This visit by the Egyptian delegation is an important step in exploring investment opportunities in our country," said the minister, underscoring the importance of collaboration between Somalia and Egypt.
The visit comes amid growing economic ties between the two nations. According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), the value of Egyptian exports to Somalia rose by 27.7%, reaching $54 million in the first 11 months of 2023, compared to $42.3 million during the same period in 2022. Meanwhile, the value of Somali exports to Egypt remained steady at $2.2 million.