NAIROBI (HOL) —The horn of Africa nation is recovering from decades of war, a development that paves the way for key business ambitions, encouraging neighboring countries to change their long negative approach towards it.
Taking advantage of the progress, Somalia moves further beyond the long negative tag of being the most dangerous nation, by applying to reconnect with key international bodies.
The latest attempt is more buoyant for it as it applies a permanent membership at the East African Community (EAC), a common Market that entered into force on 1 July 2010, following ratification by all the five Partner States:
Burundi, Kenya, Rwanda, Tanzania and Uganda are the members of the organization. The organization which is an integral part of the African Economic Community was originally founded in 1967, and collapsed in 1977 before it was officially revived on 7 July 2000.
Considering Somalia’s application, the organization’s members have called for a broader support for Somalia to join EAC with the Tanzanian president Jakaya Mrisho Kikwete who delivered a speech at the assembly on Friday alluded consideration for its membership application.
“Going through our historical files, we found a 1974 application from Somalia, requesting to join the EAC,” said Mr. Kikwete who drew an applause from the body’s members at the meeting.
In addition, Somalia’s ambassador to Burundi Abshir Hassan Abshir who attended the assembly told HOL that EAC’s members have agreed to send a delegation to Somalia to explore whether Somalia qualifies joining the organization or not.
“We have the support of the most of the organization’s members to join EAC. We are confident that Somalia will win even if a referendum is conducted.” He said.
Somalia which has been without functioning government since 1991finally formed a central government three years ago as the horn of Africa nation tries to reclaim its prestige across the globe.
The world attention turned to Somalia after the ouster of the Islamist insurgents from the capital and key strongholds, bringing hope of building a new Somalia.
Why invest in East Africa
- Market access to more than 130 million people • Combined GDP size of about US$ 75 billion
- The world’s fastest reforming region in terms of business regulation
- Simplified investment procedures and one stop centre facility provided by national investment promotion agencies
- Generous incentives offered • Vibrant and upcoming capital and securities market
- High level of intra-regional trade and cross-border investments
- Numerous investment opportunities traversing all sectors
- Abundant labour force – educated, trained, mobile, skilled and enterprising
- English is widely spoken; it is one of or the only official language in at least four of the five Partner States
- Insurance against non-commercial risk by Multilateral Investment Guarantee Agency (MIGA) and Africa Trade Insurance Agency (ATIA)
- Sanctity of private property guaranteed by national constitutions
- Stable political environment and high level of governance and democracy
- Consumer loyalty • A warm and hospitable people