SOMALIA,
A country under construction, building a future for it's people

The country

Somalia, officially the Federal Republic of Somalia(Somali: Jamhuuriyadda Federaalka Soomaaliya; Arabic: جمهورية الصومال الفيدرالية), is a country in the Horn of Africa. The country is bordered by Ethiopia to the west, Djibouti to the northwest, the Gulf of Aden to the north, the Indian Ocean to the east, and Kenya to the southwest. Somalia has the longest coastline on Africa’s mainland. Its terrain consists mainly of plateaus, plains, and highlands. Hot conditions prevail year-round, with periodic monsoon winds and irregular rainfall. Somalia has an estimated population of around 17.1 million, of which over 2 million live in the capital and largest city Mogadishu, and has been described as Africa’s most culturally homogeneous country. Around 85% of its residents are ethnic Somalis, who have historically inhabited the country’s north. Ethnic minorities are largely concentrated in the south. The official languages of Somalia are Somali and Arabic. Most people in the country are Muslims, the majority of them Sunni.

The people

Somali, people of Africa occupying all of Somalia, a strip of Djibouti, the southern Ethiopian region of Ogaden, and part of northwestern Kenya. Except for the arid coastal area in the north, the Somalis occupy true nomad regions of plains, coarse grass, and streams. They speak a language of the Cushitic branch of the Afro-Asiatic (formerly Hamito-Semitic) family.

In the 14th century many Somalis, converted to Islam by Arabs from across the Red Sea, began their expansion southward from the arid steppes to their present borders, which overflow what was traditionally known as Somaliland. Although three great divisions of Somalis exist, roughly corresponding to the northern, central, and southern parts of the region, the Somalis demonstrate considerable cultural unity.

The economy

The economy recovered from recession in 2020 to register estimated GDP growth of 2.0% in 2021, driven by private consumption and livestock exports. Multiple shocks including floods, locust invasions, and COVID- 19 curtailed the pace of recovery and increased poverty. Private consumption was boosted by remittances, which increased to an estimated 31.3% of GDP in 2021 from 30.8% in 2020. Private investment remained resilient, despite the slight reduction in FDI to 9.2% of GDP in 2021 from 9.4% in 2020. The currency reform program stalled due to political uncertainty and is holding back monetary policy measures, given widespread dollarization and currency counterfeiting. Inflation increased to an estimated 4.6% in 2021 from 4.3% in 2020 due to reduced food supply. The banking sector remains stable, with NPLs at less than 3% of total credit. Somalia targets a zero-cash fiscal balance as part of the conditions for reaching the completion point under the Heavily Indebted Poor Countries (HIPC) initiative. The fiscal deficit in 2021 partly reflects the SDR allocation ($203 million or 4.1% of GDP), which helped to fill financing shortfalls created by the decline in public revenues and grants. Somalia is in debt distress, although when it reaches the HIPC completion point by 2023 as expected, that will ensure debt sustainability. The current account deficit widened to 10.8% of GDP in 2021, compared with 10.4% in 2020, owing to the slow recovery in livestock exports, and was financed by aid, remittances, and FDI.

Source: African Economic Outlook (AEO) 2022

The opportunities

Coming soon

The projects

Coming soon

Who We Are

Vision

The vision of the Chamber of Commerce Swiss Somalia is to be the leading organization in promoting and strengthening business relations between Switzerland and Somalia. The chamber aims to create a platform for businesses from both countries to network, exchange information and collaborate on mutually beneficial projects.

Mission

The mission of the chamber is to support Swiss companies interested in entering the Somali market by providing market research, business matchmaking, and legal advice. It also aims to assist Somali companies looking to expand their business in Switzerland by providing access to resources, knowledge and networks.

About

The Chamber of Commerce Swiss Somalia (CCSSomalia) is an association under Swiss law, independent and non-profit organisation, with the aim of developing trade and economic relations between Switzerland and Somalia.

Our affiliation!

The Union of African Chambers of Commerce in Switzerland (UCCAS) results from the union of the Chambers of Commerce of various African countries in Switzerland

Investment opportunities in Somalia

Why investing in Somalia?

Somalia’s economy is growing and is built on a strong trading relationship with the world as well as favorable liberal investment policies that welcome all investors contributing to our dynamic private sector.

Somalia is committed to sound fiscal policy, economic freedom and has a steady and dramatic growth rate which is resulting to improve the economic and investment environments so as to ease the process of investing in Somalia and facilitating further trade and prosperity.

Somalia has a substantial potential in natural resources: agriculture, livestock, fishing, telecommunications, energy, manufacturing, ICT, Construction and Tourism and Hospitality and hydrocarbons. This wealth in all the diverse sectors could attract many investors. Moreover, Somalia has a young population, a diaspora willing to invest in the country and, with the longest coastline in Africa, is strategically located to become a potential regional economic hub.

Investing in Somalia’s long coast line for tourism, fishing, and prime real estate, as well as building modern ports and exploiting the country’s ready atmosphere for renewable energy, can also change the Horn of African country into a summer resort, a successful investment venture, and a gateway for GCC business to Africa’s growing consumer market.

BANKING & FINANCE SECTOR

ENERGY SECTOR

FARMING SECTOR

FISHERIES SECTOR

HUMAN CAPITAL SECTOR

LIVESTOCK SECTOR

and many more...

Membership benefits and categories

Benefits

As Somalia continues to rebuild and develop its economy, becoming a member of the Swiss Chamber of Commerce in Somalia can offer several benefits for businesses, including:

Networking: The Swiss Chamber of Commerce in Somalia provides a platform for members to connect and network with other businesses, not just in Somalia but also in Switzerland. Members can participate in events, meetings, and conferences to establish business relationships with potential partners, clients, and suppliers.
Access to Information: The Chamber of Commerce Swiss Somalia can provide members with valuable business information on markets, regulations, events, and commercial opportunities in Somalia and Switzerland. Members can also benefit from market analysis and economic reports to better understand the local business environment.
Advocacy: The Chamber of Commerce Swiss Somalia can help members advocate for their interests with local, regional, and national authorities in Somalia and Switzerland. It can also assist businesses in resolving issues related to regulations and public affairs.
Training and Professional Development:The Chamber of Commerce Swiss Somalia can organize training and workshops to help businesses develop their skills and improve their performance. It can also offer business consulting services to help businesses grow and expand.
Visibility: The Chamber of Commerce Swiss Somalia can offer increased visibility to member businesses through its events, publications, and other communication initiatives. Members can use these platforms to promote their activities and products to a wider audience.
Access to Partners and Resources: The Chamber of Commerce Swiss Somalia can help businesses find commercial partners and local resources such as suppliers, distributors, and service providers.

In summary, becoming a member of the the Chamber of Commerce Swiss Somalia can provide businesses with a range of benefits for their commercial development, networking, advocacy, training, visibility, and access to local partners and resources.