Somaliland has abundant and untapped locally available resources and is continuesly encouraging local and international investors to exploit these resources.
The government of the republic of Somaliland has enacted laws on the promotion; protection and guarantee of foreign investment.
Local investors are taking lead already, primarily as a result of substantial investment from the Somaliland diaspora, many large-scale plants have been created, and many others heve been re-opened.
According to the UNDP, investments in light of manufacturing have expanded in Hargeisa and Burco in particular, indicating growing business confidence in the economy.
Saturday morning in the capiital Hargeisa, a new firm joined local companies investing in the production sector in Somaliland. The firm will be the first paint making company in the country.
At an event graced by officials from Somaliland’s chamber of commerce, industries and and agriculture, the company promises to colour Somaliland to the future.
The paint manufacturer has not disclosed how much it tapped into the economy mine of the growing property market in the vast regions of Somaliland.
The company promises to sell high quality waterbased acrylic emulsions that offers excellent durability, quick drying time, and less odor emissions.
SOUND BITE. MINUTES 1.12 TO
“We will do our best and actually it is our target to produce high quality paints here in Somaliland, which is affordable. We promise to manufacture tottally different paints than the ones which are imported from abroad. That one i am assuring you. Our product will never be of a quality lower than those that are imported” Said Mohammed Shukri, an investor at Fortune Paints.
The new law enacted by Somaliland guarantees against expropriations, making investors, local and international chip in money in the largely un exploited resources in the country.
The new law gives priority to foreign investments in the areas of agriculture, livestock, fishing, mineral resources, and industrial activities.
Even as investors both local and international exploit the virgin reserve, other areas that have been completely untapped are digital economy and connectivity, blue economy, innovation, science and technology.
