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S OMALILAND E CONOMIC O UTLOOK & F INANCIAL S ECTOR Hon. Minister Dr. Saad Ali Shire Minister for National Planning & Development Republic of Somaliland.

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Presentation on theme: "S OMALILAND E CONOMIC O UTLOOK & F INANCIAL S ECTOR Hon. Minister Dr. Saad Ali Shire Minister for National Planning & Development Republic of Somaliland."— Presentation transcript:

1 S OMALILAND E CONOMIC O UTLOOK & F INANCIAL S ECTOR Hon. Minister Dr. Saad Ali Shire Minister for National Planning & Development Republic of Somaliland 14 October, 2014 Ministry of National Planning & Development Republic of Somaliland

2 G EOGRAPHY Location: Horn of Africa; Position: 08°00' – 11°30' north and between 42°30' – 49°00‘ east Borders: Djibouti to the west, Ethiopia to the south, and Somalia to the East. Area: 137,600 km sq. UK-Somaliland Trade & Investment Forum 14 October

3 P OLITICS System: Presidential Seat: Hargeisa (the capital) Parliament: Two houses Judiciary: Independent Political parties: Three Elections:2002,2003,2005,2010,2012 Stability: 17 years unbroken 3 UK-Somaliland Trade & Investment Forum 14 October 2014

4 P EOPLE 4 Population: Million Age structure: 70% below 30 years Student population: 250,000 University graduates: 4-5,000/year Indigenous Language: One (Somali) Spoken languages: Somali, English, Arabic Culture: Homogenous UK-Somaliland Trade & Investment Forum 14 October 2014

5 5 V ISION AND S TRATEGY Vision: 2030 Vision National Plan: NDP Regional Plans: Somaliland Special Arrangement: UK-Somaliland Trade & Investment Forum 14 October 2014

6 6 R EFORMS UNDERWAY Public finance Civil service Justice Private sector UK-Somaliland Trade & Investment Forum 14 October 2014

7 GDP: $1.4 Billion USD (WB) Growth: Significant – lead by construction and services Currency: Stable – unofficially pegged to the US Dollar. Mostly SLS 6-7,000/$ in the last 8 years Inflation: 2% 1 st 6 months M ACRO -E CONOMY UK-Somaliland Trade & Investment Forum 14 October 2014

8 T RADE Livestock exports 1 st six months 2014: 1,076,017 Increase of over last year same period: 14% Imports 1 st six months 2014: 494,695 tons Increase over last year same period: 23% 8 UK-Somaliland Trade & Investment Forum 14 October 2014

9 F INANCIAL S TABILITY Government Budget: US$200 million 2014 Fiscal Deficit: None Public debt: Negligible (outstanding bills) Foreign debt: None (since 1991) Trade deficit: None Foreign exchange control: None Restrictions on moving currency: None 9 UK-Somaliland Trade & Investment Forum 14 October 2014

10 T AX R EGIME Corporation tax: 10% Income tax: 6% (flat) Sales tax: 5% Tax holiday for investors: 3 years Tax exempt: Machinery and material for investment 10 UK-Somaliland Trade & Investment Forum 14 October 2014

11 11 F INANCIAL S ECTOR Banks: Central Bank, Dahabshiil, Salaama Mobile Banking: Zaad Remittance companies: >12 more Gaps: Banking, mortgaging, insurance, UK-Somaliland Trade & Investment Forum 14 October 2014

12 I NTERNATIONAL L INKS /C ONNECTIVITY Berbera Port: 650m quay, 5 berths Gate way: Ethiopia, South Sudan (100 million) Berbera Airport: 4.1 Km runway Hargeisa Airport: 2.4 Km (under extension) Airlines: Ethiopian (daily),East African express, Juba, Daallo Mobile coverage: National Internet: Available and Reliable Fiber Optic: Network ready to start soon 12

13 P OTENTIAL INVESTMENT Renewable energy: Solar, Wind, Geothermal Hydrocarbons: Oil, gas Minerals: Industrial, rare, gems Finance: Banking, insurance, investment Agriculture: Livestock, fisheries, Dairy, poultry Health: Hospitals, manufacturing Construction: Housing, offices, industrial estates Infrastructure: Ports, Airports, roads, utilities 13 UK-Somaliland Trade & Investment Forum 14 October 2014

14 I NVESTOR C ONFIDENCE Current investors present or represented: – Baoding Jeronimo Group of Industries, – Coca Cola, – Western Union, – BCIMR, – Nubian Gold. – Genel Energy, – DNO Visiting investors in 2014: > UK-Somaliland Trade & Investment Forum 14 October 2014


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