MOGADISHU, SOMALIA – Hormuud Company hosted its annual conference dedicated to the promotion of local production, discussing both opportunities and challenges in the Somali capital of Mogadishu. According to Somali National News Agency, the conference saw attendance from Minister of Trade of Somalia, Jibril Abdirashid Haji Abdi, the Chairman of the Somali Chamber of Commerce, prominent business figures, and the leadership of Hormuud.
In his address, the Minister revealed the marked trade imbalance between Somalia and the global community, stating that last year Somalia imported goods valued at over 6 billion dollars, while exports stood at only 50 million dollars. He expressed a robust commitment to focus on domestic production to help Somali businesses achieve self-sufficiency.
The Chairman of the Somali Chamber of Commerce resonated with the Minister’s sentiments, asserting that Somalia’s inherent wealth could be harnessed to propel the nation towards self-reliance, reducing dependency on foreign aid.