Egyptian Transport Minister and business group slated to visit Somalia for investment discussions.

Egypt’s Minister of Transport, Kamel El-Wazir, together with a team of Egyptian businesspeople, is slated to visit Somalia in the coming days to examine prospective investment prospects.

Somalia’s Minister of Planning, Investment, and Economic Development, Mahmoud Abdirahman Farah Benebene, claimed that the delegation’s visit sought to discuss and execute key infrastructure projects, including prospective investments in the country’s ports.

Minister Benebene noted that the increased interest from both regional and international investors creates a tremendous potential for Somalia’s economic growth.

“This visit by the Egyptian delegation is an important step in exploring investment opportunities in our country,” said the minister, underlining the significance of the partnership between Somalia and Egypt.

The visit comes amid expanding commercial connections between the two countries. According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), the value of Egyptian exports to Somalia climbed by 27.7%, hitting $54 million in the first 11 months of 2023, compared to $42.3 million during the same time in 2022. Meanwhile, the value of Somali exports to Egypt remained stable at $2.2 million.