The Director General of the Ministry of Commerce and Industry Chaired Somalia’s Foreign Investment Board Meeting

The Director General of the Ministry of Commerce and Industry of the Federal Republic of Somalia Mr. Abdiaziz Ibrahim Adan who is also the chairman of Somalia’s  Foreign Investment Board (FIB) of Somalia has chaired its first ordinary meeting of the Board in Mogadishu today, November 10, 2022, for the first time since the enactment of the Foreign Investment Law 2015.

Members of the Foreign Investment Board in attendance;

1. Director General, Ministry of Commerce and Industry (FIB Chairperson)
2. Director General, Ministry of Planning, Investment and Economic Development
3. Director General, Ministry of Finance
4. Director General, Ministry of Labour and Social Services
5. Permanent Secretary, Ministry of Foreign Affairs and International Cooperation
6. Governor, Central Bank of Somalia
7. President, Somali Chamber of Commerce and Industry

The Board meeting discussed internal procedures, Somalia’s debt relief and received reports from members regarding trade, financial sector reforms and foreign direct investments.

The Board has received and deliberated on a foreign investment application in the energy sector.

The Board;

1. Approved internal rules and procedures
2. Approved the foreign investment application in favor of Kube Energy in line with Article 9 section 4 of the Foreign Investment Law 2015
3. Commends the debt-relief process and reform efforts
4. Welcomes Somalia’s application to join the East Africa Community
5. Applauds the on-going security and stabilisation efforts in the country.
6. Appreciates the efforts of Somalia Investment Promotion Office (SOMINVEST) in promoting, attracting, facilitating and supporting Foreign Direct Investments (FDI) into Somalia, in line with the National Investment Promotion Strategy (2021-2022)
7. Welcomes and urges participation of the Upcoming Somalia International Investment Conference (#SIICO22) which will take place in Mogadishu on the 28-29^th of November, 2022.

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