The Egyptian Transport Minister and a business delegation prepare to visit Somalia for investment discussions.

Mogadishu (AX) — Egypt’s Minister of Transport, Kamel El-Wazir, and a posse of Egyptian business folks are gearing up for a jaunt to Somalia soon. Their mission? To suss out promising chances for investment.

Mahmoud Abdirahman Farah Benebene, the big cheese over at Somalia’s Ministry of Planning, Investment, and Economic Development, mentioned the crew’s visit is a springboard for yakking about and kicking off big infrastructure ventures. They’re especially keen on eyeing the nation’s ports for investments.

Minister Benebene was pumped, pointing out that Somalia is a bit of a hot commodity, with interest bubbling up from nearby and afar—a surefire boon for the country’s financial growth.

“This Egyptian gig is a big deal for scoping out investment avenues in our neck of the woods,” he stressed, putting weight on the necessity of digging into joint efforts between Somalia and Egypt.

This get-together is happening as the two countries get chummier economically. Based on Egyptian stats guru CAPMAS, Egyptian goods sent to Somalia shot up by a nifty 27.7%, hitting $54 million in the initial 11 months of 2023. That’s a jump from $42.3 million in the equivalent slot in the previous year. On the flip side, Somalia’s shipments to Egypt held firm at $2.2 million.

Edited by: Ali Musa

alimusa@axadletimes.com

Axadle international–Monitoring