Somalia, with the help of the International Finance Corporation (IFC), has created a trade information portal that will lower costs and simplify trade procedures for Somali importers and exporters.
Traders will now have access to over 90 laws, regulations, procedures, and other trade-related measures from most government agencies in Somalia. Businesses in the horn of Africa nation will also be able to obtain licenses, permits, and applicable fees through the website.
The new web portal will significantly improve the business environment in the highly volatile nation and attract foreign and local investors. Traders will have easy access to information on import and export regulations and procedures in Somalia.
Somalia’s Minister in the Ministry of Commerce and Industry, H.E. Abdulkadir Sharif Shekhuna said, “With the launch of the Somalia Trade Information Portal, we hope that our business community will have a useful tool to find the information necessary to facilitate their import-export activities.”
Amena Arif, IFC Country Manager for Somalia said, “Trade is an important engine of growth for Somalia. Having fast and easy access to trade information and procedures is crucial for traders and investors.”
Small and Medium-sized businesses involved in the importation and exportation of goods and services are set to gain from the increased efficiency created by the portal.
Following the launch of the trade information portal, cross-border trade between Somalia and the neighbouring nations is expected to increase.
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