Tuesday, June 25, 2024 – The East African Business Council (EABC) and the Somalia Chamber of Commerce and Industry (SCCI) signed a landmark Memorandum of Understanding (MoU) to strengthen and spearhead regional integration efforts. The signing ceremony took place in Mogadishu, Somalia, during the second day of the East African Community (EAC) Conference 2024 (EACON2024).
EABC CEO John Bosco Kalisa, accompanied by Zephania Shaid, Membership and Business Development Manager at EABC, and Moses Kanyesigye, Regional SME & Youth Coordinator at EABC, was warmly welcomed by Mohamoud Abdi Ali, the President of the Somalia Chamber of Commerce and Industry. During the signing ceremony, Mr. Kalisa underscored the council’s commitment to supporting the Somali business community in attracting investors and building strategic partnerships. He emphasized that the SCCI would be granted National Focal Point Status to facilitate streamlined coordination and collaboration.
The President of the SCCI expressed appreciation for the EABC’s visit and reaffirmed their strong interest in leveraging East African Community (EAC) integration for Somalia’s economic growth. He highlighted the potential benefits of the MoU in enhancing trade, investment, and economic cooperation within the region.
Key areas of collaboration agreed upon in the MoU include:
- Enhancing Trade Facilitation Programs**: Initiatives aimed at reducing barriers to trade and improving the ease of doing business across borders.
- Promoting Regional Value Chains**: Efforts to boost intra-regional trade by developing and strengthening value chains within the East African region.
- Supporting the Somali Business Community**: Strategies to attract investors and build strategic partnerships that foster economic growth in Somalia.
- Building Strategic Partnerships**: Collaborations between businesses, governments, and international organizations to drive sustainable development.
- Granting SCCI National Focal Point Status**: Streamlining coordination and collaboration between the SCCI and EABC to ensure effective implementation of agreed initiatives.
Mr. Kalisa also emphasized, “This MoU marks a significant step towards deeper economic ties and integration within the East African region. By working together, we can reduce trade barriers, enhance regional value chains, and support the Somali business community in attracting investors and building strategic partnerships.”
The MoU aligns with the broader objectives of the EACON2024 conference, which aims to promote regional integration and economic cooperation among East African countries, leveraging opportunities under the African Continental Free Trade Area (AfCFTA). The collaboration between EABC and SCCI is expected to play a crucial role in realizing these goals and driving sustainable economic growth in the region.
The Somalia Chamber of Commerce and Industry (SCCI) plays a vital role in advancing the country’s economic interests. As the premier business organization in Somalia, SCCI advocates for policies that promote trade, investment, and private sector development. By fostering partnerships with regional and international organizations, SCCI aims to create a conducive environment for business growth and economic prosperity in Somalia.
