In a diplomatic engagement aimed at strengthening economic and trade relations, Somalia’s Minister of Foreign Affairs, Ahmed Maalim Faqi, held high-level talks in Riyadh on Monday with Saudi Arabia’s Minister of Investment, Eng. Khaled bin Abdul Aziz Al-Falih.
The discussions focused on expanding investment opportunities and enhancing economic cooperation between the two nations, with a particular emphasis on sectors where Somalia’s resource-rich economy presents mutual benefits.
The meeting highlighted the importance of consolidating trade and investment ties and increasing the volume of trade exchanges. Both ministers expressed optimism about the potential for deepening collaboration across industries, including agriculture, fisheries, energy, and infrastructure development.
Somalia and Saudi Arabia have enjoyed close diplomatic and economic relations for decades, with both nations benefiting from their geographical proximity and historical ties. Over the years, Saudi Arabia has played a critical role in supporting Somalia’s development through investments and humanitarian aid, particularly during periods of drought and conflict.
The recent meetings are part of a broader push by Somalia to attract foreign investment as the country seeks to rebuild its economy after decades of instability. With a strategic location in the Horn of Africa, rich natural resources, and a growing entrepreneurial spirit, Somalia is positioning itself as a gateway for investors looking to access East Africa’s emerging markets.
During the meeting, Minister Faqi highlighted Somalia’s economic potential, emphasizing the country’s natural resources, including fisheries, agriculture, and the untapped mineral wealth that could serve as the foundation for future investments. He encouraged Saudi businesses to explore opportunities in Somalia, noting the government’s commitment to creating an investor-friendly environment through regulatory reforms and infrastructure development.
On his part, Minister Al-Falih expressed Saudi Arabia’s interest in diversifying its investments and enhancing trade ties with Somalia. He noted that as Saudi Arabia continues its Vision 2030 strategy—an ambitious economic transformation plan aimed at reducing the Kingdom’s reliance on oil—Somalia presents an attractive market for investment in non-oil sectors.
Both ministers agreed on the importance of increasing trade exchanges between the two nations, with a focus on expanding Somalia’s exports to Saudi Arabia, including livestock, fish, and agricultural products. They also discussed infrastructure projects that could facilitate greater connectivity and economic cooperation.
In addition to his discussions with the Minister of Investment, Minister Faqi also met with Saudi Foreign Minister Prince Faisal bin Farhan. Their talks centered on further strengthening bilateral relations and addressing regional and international issues of mutual interest.
