Taiwan, Somaliland Inked the first commercial MOU to expand cooperation opportunities such as fishing and mining

Taiwan and Somaliland signed a memorandum of understanding (MOU) on Monday (July 31) to boost trade and commerce ties, the first such pact between the two countries.

The agreement was inked by Taiwan’s Minister of Economic Affairs Wang Mei-hua and Somaliland’s Minister of Commerce, Industries, and Tourism Mohamoud Hassan Saad. Saad is visiting Taiwan on a five-day trip that ends Thursday (Aug. 3) to explore investment opportunities.

Taiwan, Somaliland Ink MOU On Trade Cooperation
Wang Mei-hua (left), minister of economic affairs, and Somaliland’s minister of trade and tourism, Mohamoud Hassan Saad, display the newly signed memorandum of understanding on strengthening business and trade relations between their countries July 31 in Taipei. (Courtesy of MOEA)

Wang said Taiwanese businesses have expressed interest in Somaliland’s fishing and mining industries. The MOU will pave the way for the development of trade partnerships, according to the Bureau of Foreign Trade.

Saad noted he was impressed by Taiwan’s economic achievement. He also touted the strategic advantage of Somaliland and its wealth of natural resources for Taiwan to make a foray into the African market.

Taiwan, Somaliland Ink MOU On Trade Cooperation

Taiwan, Somaliland Ink MOU On Trade Cooperation

A sovereign state in the Horn of Africa, Somaliland declared independence in 1991 but has yet to be recognized by other countries except Taiwan. The two established representative offices on each other’s soil in 2020.

In May, when Taiwan’s legislative body set up an amity association for the African country, Somaliland Representative to Taiwan Mohamed Omar Hagi Mohamoud hailed Taiwan as a true friend. He underscored Somaliland’s position as a springboard for Taiwan to make inroads into East Africa, a market covering 19 countries and 500 million people, as well as the potential for joint military drills, per CNA.

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