Economic Overview and Business Opportunities in Somalia
A little nation bordering on the African east coast, Somalia is the hidden gem that could turn out to be your next business opportunity.
A country with a bicameral legislative Government, Somalia is home to many languages. English included. This means conducting business on this side of the world is no problem at all.
Agriculture is the main economic income, accounting for 65% of Somalia’s GDP. The other informal sector that is going strong is livestock, making up 40% of the GDP.
The investors will definitely need a team of expertise on their side, working with them to reap the best of what Somalia has to offer. That team is 3E Accounting.
The liberal structure of Somalia makes conducting business here straightforward and simple. It has a lot of positive relationships with many other countries all over the world. So bilateral relationships are easy to form when you have a base of operations here.
Why choose to do business in Somalia? Because there is a lot of potential for future commercial success. Somalia’s business strength lies in its culture, where social connections and trust are crucial. This is where you will benefit from 3E Accounting’s industry connections.
Starting a business in Somalia is comparatively cheaper than in a lot of other countries. With its strategic location in the Horn of Africa, it is easy to connect with other African nations like Sudan and Ethiopia. Transferring commodities is also much easier to places like Kenya and Djibouti when you conduct business here.
Sectors to consider gaining a foothold in include the F&B sector, telecommunications, and the manufacturing of clothing and textiles. Many of these industries hold promise for investor who is keen to dabble in these areas. Agricultural and livestock products are other areas that are ripe with potential.
Somalia’s top exports where livestock is concerned are meat, live animals, fish, and bananas. Seafood is also on the list of key exports for the country. Besides bananas, mangoes and oranges are popular items of export. If you were thinking of going into this area of business, these would be the key factors to target.
Connect with Our 3E Specialists
We want to help you get the best start in Somalia. That is why our one-stop solution services encourage you to benefit from our expertise and industry connections.
For help getting started in Somalia, get in touch with the 3E Accounting team today.
- Audit & Assurance
- Entrepreneurship Acceleration & SME Development
- Women and Youth Empowerment Package
- Training of Trainers (TOT)
- Video Graphic and Multimedia Solutions
- Research and M&E
- Technical & Vocational Education & Training (TVET)
BAKAR HAJI OMAR