Trade corridors, oil by 2027, minerals for technology — Somaliland’s president signals an aggressive economic push.
Abdirahman Mohamed Abdullahi Irro said a cargo and trade agreement with Ethiopia is close to completion, underscoring his administration’s push to position Somaliland as a regional investment hub.
In an interview with CNN Business Arabic, Irro said negotiations over a cargo agreement are progressing and expressed hope that the deal would be finalized soon. The agreement is expected to deepen commercial ties between the landlocked Horn of Africa nation and Somaliland’s ports, reinforcing cross-border trade flows.
Irro said his broader goal is to create a peaceful and stable economic zone where trade can flourish. He emphasized Somaliland’s readiness to enter agreements with international partners, including the United States, particularly in the development and export of precious minerals.
The president also referenced a potential trade arrangement with Israel, first mentioned in a recent interview with Reuters, involving the sale of minerals in exchange for advanced Israeli technology and equipment.
To attract foreign capital, Irro said investors would benefit from long-term tax incentives and opportunities in sectors such as mining, hydrocarbons and marine resources. He added that two companies are currently engaged in oil development projects, with production targeted for 2027.
Highlighting Somaliland’s economic potential, Irro cited mineral deposits, oil and gas reserves, fisheries, tourism assets and arable land. He also noted that while Somaliland has domestic banks, his government is encouraging international financial institutions to establish branches in Hargeisa to ease investment flows.
The remarks signal an assertive economic strategy aimed at diversifying partnerships and strengthening Somaliland’s trade corridors, particularly as regional competition for investment intensifies.
