Stronger Trade Ties Between Puntland State of Somalia and Ethiopia Envisaged

[Deeq A.]

Dagnachew Yitebark said Ethiopia and Puntland “have significant trade and investment potential, which should be expanded by addressing trade challenges while creating a system that maximises mutual benefits”.

Garowe (PP News Desk) — Puntland Economic Corridor and Investment Conference held in Garowe between 13 and 15 March showcased investment opportunities in the most economically open federal member state in the Federal Republic of Somalia. Investors and government officials from Ethiopia attended the conference in which participants envisaged a stronger trade between Puntland and Ethiopia particularly Oromia and the Somali State of Ethiopia.

Consulate General, H.E. Dagnachew Yitebark said Ethiopia and Puntland “have significant trade and investment potential, which should be expanded by addressing trade challenges while creating a system that maximises mutual benefits”. Ethiopia maintains trade ties with Puntland through exports and imports.

Puntland Vice President Ahmed Elmi being briefed on the conference programme.

“Ethiopian investors are interested in investment opportunities in Puntland particularly fisheries among other potential opportunities for investment” said a participant from Oromia. There has been a decrease in hides imported from Ethiopia for Somali shoes industry due to policies that limit the hide exports. Goods exported to Ethiopia from Puntland get taxed at the border but Ethiopian exports to Puntland do not get taxed.

“Oromia is looking into exporting agricultural produce to Puntland State of Somalia” said an agricultural investor from Addis Ababa. Most vegetables and fruits consumed in Puntland come from southern Somalia.

© Puntland Post, 2023

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