Somaliland president his Excellency, Muse Bihi Abdi officially launched historic project labeled Berbera Free zone in a highly organized ceremony held at Mansor Hotel
On December 10, 2019, Somaliland president his Excellency, Muse Bihi Abdi has officially launched a huge project labeled Berbera Economic Free Zone in a highly organized event held at Mansor Hotel in a high protocol fashion. Speaking in the event, the President has spoken the importance of free zone to Somaliland economy and the region as well. Continuing in his speech, the president thanked the UAE government and DPW for the huge investment they have decided to carry out in the port of Berbera. Being inspired by the importance of the project to Somaliland economy and the region, the president also underscored the UAE’s injection of multimillion-dollar project investment in Somaliland as this project will serve the bilateral interest of the countries. Somaliland and UAE have a historic relationship way back to centuries ago. The president further elaborated on the long term goal of the government concerning the development of Berbera port expansion and the setup of its economic free zone. The objective behind this historic project is to generate economic prosperity for Somaliland people and to be shared by other countries in the region, said by the president. As mentioned in the above photo, Berbera free zone is modeled on Jabel Ali free zone model.
In his speech, the president added that our ambition is to see Somaliland’s prosperity whereby its beginning is the port modernization, the construction of the Berbera corridor. Berbera airport will be an international one and a commercial hub, said by the president. Somaliland government high ranking officials including the two house speakers, DP world deputy chairman, ambassadors from the region, government ministries, Berbera and Hargeisa cities mayors, representatives from Somaliland business community have attended the inauguration ceremony. Speaking in the ceremony, DP World Deputy Manager, Suhail Al Banna in his part has thanked Somaliland government and its people for the warm welcome extended to him by Somaliland people
The president has reiterated that in order to push the country’s progress forward that it is quite important to build improve roads, communication, ports and getting electricity where people who are coming to Somaliland and foreigners can bank on. The president said, there is a need to have Somaliland citizens who have the capacity and the desired knowledge to run such huge investment projects. In the ceremony, on behalf of the government, Somaliland’s minister of finance Dr. Sa’ad Ali Shire and DPW deputy manager Suhail Al Banna representing DP world have inked Berbera Economic Free Zone agreement. Upon completion, Berbera free zone will attract additional investment opportunities, encourage trade, creates new for Somaliland job market. Above this, Berbera's strategic location is proved to be the gate in the horn of Africa and beyond.
The free zone will target a wide range of businesses including warehousing, logistics, traders, manufacturers, and other related businesses. Free Zone is an economic concept whereby producers and suppliers and customers get together on a non-regulated free enterprise system of an economic setup. Free Zone will facilitate investors to come into the country and produce manufacturing products without paying taxes. All types of restrictions with regard rules and regulations are waived with regard investors. In turn, this will encourage foreign investors investing in Somaliland as their investments, assets, and interests will be protected in the Somaliland government. The motivation behind creating Berbera's free zone is the desire to attract foreign direct investment in Somaliland. Being the gate of the red sea and horn Africa, Berbera free zone will attract foreign in proposition composition. It will be a business center whereby rules and regulations are different than the rest of Somaliland.