Somalia, China Discuss Financial Cooperation to Facilitate Bilateral Trade

Beijing, (SONNA) – The Minister of Commerce and Industry of the Federal Government of Somalia, H.E. Jamal Mohamed Hassan, accompanied by Somalia’s Ambassador to China, Dr. Hodan Osman, has met with Wang Hongbo, Chairman of China’s Cross-Border Interbank Payment System (CIPS), to discuss strengthening trade and financial cooperation between the two countries.

The discussions focused on facilitating cross-border payments and settlements for Somali businesses trading with China, including exploring the use of the Chinese yuan to ease financial transactions.

The meeting also examined ways to simplify business payments, improve access to the Chinese market and create more opportunities for Somali traders and businesses.

The engagement reflects ongoing efforts by Somalia and China to strengthen economic ties and expand trade cooperation.