The Ministry of Commerce and Industry of the Federal Republic of Somalia held an important consultative meeting on the National Cooperatives Policy and Acts. The meeting was attended by officials from the Ministries of Commerce and Industry of the Federal Member States, who discussed ways to establish a unified legal and policy framework to guide the development of cooperatives in Somalia.
The meeting was officially opened by Abshira Yusuf Axmed, the Acting Director General of the Ministry of Commerce and Industry. In her opening remarks, she emphasized the importance of establishing a modern policy and legal framework that strengthens the cooperative sector and creates an environment that encourages economic cooperation and social development.
During the meeting, detailed presentations were made on the findings of extensive studies and data collection conducted on the current condition of cooperatives across the country. These studies were accompanied by broad consultations with key stakeholders, including government institutions, private sector businesses, and various Somali cooperative groups.
Participants were also presented with the draft National Cooperatives Policy and Law, followed by in-depth discussions and analysis of its key provisions. Particular attention was given to creating an efficient and unified legal framework that supports the growth and modernization of cooperatives in Somalia.
Officials from the Ministry and participants at the meeting stressed that the preparation of the National Cooperatives Policy and Law is a critical step toward implementing a legal system that regulates cooperative activities and provides a strong foundation for the development of this important sector.
They further noted that the implementation of the new policy and law would play a major role in boosting the national economy, creating employment opportunities, increasing domestic production, and strengthening cooperation within Somali society.
The consultative meeting is part of the ongoing efforts by the Ministry of Commerce and Industry to establish a modern and effective cooperative system that empowers Somali communities to collectively benefit from the country’s economic and development opportunities.
