MOGADISHU (Halbeeg News)– Somalia and Turkey will move forward to accelerate the implementation of the bilateral a pact to boost their strategic economic partnership.
During their weekly meeting, Somali cabinet approved the investment deal between Turkey and Somalia.
The forms a foundation to prompt bigger cooperation which could see both sides benefit from the deal.
Speaking to the media, Somali Information minister, Mohamed Abdi Hayir Mareye said the cabinet has endorsed the bilateral trade volume would rise to multimillion.
“The cabinet has okeyed the investment deal between Somalia and Turkey, the move will help the country get investors and also engage trade with Turkey,” the minister said.
Somali deputy Prime minister Mahdi Mohammed Gulaid and his counterpart Turkish Deputy Prime Minister Recep Akdag signed the Turkey-Somalia Joint Economic Commission meeting protocol in 2018 in Ankara.
Both countries would carry through 2016 memorandums of understanding in such areas as energy, mines, electricity, higher education, agriculture, and maritime affairs.
The endorsement by the cabinet. is expected enhance free trade agreement between the two countries which would boost trade ties.
The minister said the approvement would maintain bilateral economic ties and bolster strategic cooperation in the years to come.
Previously, the countries also inked a memorandum of understanding on fishing and fisheries.
Under the deal, Turkish fishermen will be able to fish in Somalia’s territorial waters.
Turkey and Somalia have long enjoyed friendly relations, as Turkey has invested in many areas to help modernize Mogadishu, the capital of the Horn of Africa country.
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