A bill on companies is to be discussed by the lawmakers of the federal parliament on Saturday. The members will commence the first reading of the bill.
The bill submitted by the ministry trade and industries seeks to create a conducive environment for local and international investors operating in the country.
If approved, the new law will be put in place to allow investors to establish companies in the country with scrutinized measures to secure taxes and revenues for the government.
The bill will also paves the way for Foreign and local companies interested in Somalia’s lucrative markets and rich resources to gain momentum and embark on healthy competition.
According to the ministry, the proposed bill would facilitate ease of doing business and give entrepreneurs a chance to start companies.
The bill is significant as Somalia seeks to establish itself as a commercial hub of Africa as well as other parts of the world.
Mohamud Abdirahman Benebene, the chairperson of the parliamentary committee of trade said the bill will strengthen corporate governance standards and attract foreign investors.
The draft bill was unanimously approved by Somali cabinet in February.
Following two decades of civil war, Somalia is rebuilding state institution as it transitions from being a failed state.
Currently, Somalia hosts several companies from Turkey which are operating in the nation
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