Somalia and Rwanda sign MoU on investment

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Friday July 8, 2022

Mogadishu (HOL) - Director of Somalia Investment Promotion Office (SOMINVEST) at the Ministry of Planning, Investment and Economic Development Mohamed Dubo and Deputy Chief Executive Officer of the Rwanda Development Board (RDB ZephanieNiyonkuru have signed a Memorandum of Understanding in Kigali, Rwanda on Thursday.

The Director of SOMINVEST said that the MoU has gone through all necessary approvals from the Ministry of Foreign Affairs of Somalia and the office of the State Attorney General.

He added that the collaborative agreement is expected to enhance and strengthen investment cooperation between Somalia and Rwanda. The key strategic areas include mutual investment, trade promotion, education, skills development, and institutional capacity building.

The two governments hope the agreement fosters the exchange of information, know-how, and reciprocal investment promotion, especially in ICT, agriculture, and manufacturing.

Mohamed Dubo noted that SOMINVEST and RDB would encourage & support each other's investments.

"Since Somalia and Rwanda went through a similar past and both aspire to a great socio-economic transformation, its time both private investments charged institutions to establish a collaborative framework to build on the existing efforts and future engagements. Economic transformative reforms are tedious, financially costly, and sometimes difficult to create a change mindset within the stakeholders and the public, but its benefits outweigh all these challenges. Rwanda did it, and there is no reason why Somalia shouldn't.”

The investment cooperation between Somalia and Rwanda will be anchored on the existing bilateral cooperation frameworks between the Government of the Federal Republic of Somalia and the Government of the Republic of Rwanda.

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