(09-06-23) MOGADISHU — President Hassan Sheikh Mohamud of the Federal Republic of Somalia warmly welcomed prominent executives and businessmen from Ziraat Bank, a leading Turkish financial institution, today in Mogadishu. The visit underscores Turkey’s deepening economic ties with Somalia and amplifies the confidence of international investors in Somalia’s burgeoning market potential.
The Turkish delegation outlined plans to inaugurate a new branch of Ziraat Bank in Mogadishu, an endeavour seen as a conduit for strengthening economic and financial linkages between Somali and Turkish businesses. This new venture, designed to bolster investor confidence and stimulate economic growth, is anticipated to be operational shortly.
President Mohamud took the opportunity to highlight investment prospects in various sectors within Somalia, outlining initiatives and incentives that the government has implemented to encourage foreign direct investment. “Somalia is rich in opportunities and we welcome our Turkish brothers to tap into the potential,” the president commented.
The president elaborated Turkey as one of the key allies of Somalia, acknowledging the symbiotic relationship shared by the two nations. He emphasised that the Somali government and its people hold Turkish partnerships in high esteem, fostering a bond of trust that has been built over years of cooperation.
The opening of the bank is expected to facilitate trade, stimulate economic growth and bolster confidence among international investors, thus setting a precedent for other foreign entities considering investment opportunities in Somalia.
