Hainan, (SONNA) – The Deputy Minister of Commerce and Industry of the Federal Republic of Somalia, Hon. Mohamud Abdullahi (Abukaate), officially took part in a high-level panel discussion during the 11th China-Arab Business Cooperation Forum, held in Haikou, Hainan Province, China.
Themed “Strengthening Financial Cooperation for Shared Benefits and Mutual Success,” the forum brought together representatives from across the Arab world and China to explore avenues for deeper economic collaboration.
During the panel, Deputy Minister Abukaate emphasized two key areas:
1. Strengthening Somalia-China Financial Cooperation:
He highlighted the importance of bilateral investment agreements (BIAs) between Somalia and China, noting their role in establishing a stable legal framework to attract foreign direct investment. He called for the creation of joint financial institutions such as a Somalia-China Development Bank or Investment Fund, which would directly support key development projects including infrastructure reconstruction, electricity, fisheries, agriculture, and digital technology. These institutions, he added, would also serve as platforms for technical knowledge exchange and capacity-building in Somalia’s financial sector.
2. The Role of FinTech in Facilitating Trade and Financial Inclusion:
The Deputy Minister underscored the transformative impact of financial technology on enhancing trade and promoting financial inclusion, especially for small and medium enterprises (SMEs). He noted Somalia’s rapid advancement in digital payments, with platforms like EVC Plus by Hormuud Telecom, Golis-Sahal, and Edahab widely in use. He stressed that collaboration with China could further strengthen Somalia’s digital payment infrastructure, fostering trade and investment between the two nations.
Somalia’s active engagement in the 11th China-Arab Business Cooperation Forum demonstrates its commitment to deepening financial partnerships with China through innovative and modern approaches aimed at accelerating economic growth and trade development.
