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India - Somalia Business and Cultural Council

Somalia, located in the Horn of Africa, is a country with a rich cultural heritage and a diverse landscape. It has faced political instability and conflict but is known for its historic trade routes and unique coastal regions.

Ambassador and Consul General

The Global India Business Forum team met the Counsellor, Mr. Salim, Embassy of the Federal Republic of Somalia. Global President of GIBF, Dr. Jitendra Joshi and Co-founder and Director, Deepali Gadkari explained the objectives of GIBF and the work done until now. GIBF and the Embassy agreed to work closely to boost India-Somalia bilateral relationship.

Gold, Sheep and Goats, Bovine, Insect Resins and Crustaceans.

Rolled Tobacco, Raw Sugar, Palm Oil, Rice and Concentrated Milk.

About Somalia

ABOUT Somalia

Somalia, also recognized as the Federal Republic of Somalia, is situated in the Horn of Africa, sharing borders with Djibouti, Ethiopia, and Kenya, while also being bordered by the Gulf of Aden to the north and the Indian Ocean to the east. Encompassing about 637,657 square kilometers, Somalia is home to roughly 20.3 million people, with its capital being Mogadishu. Approximately 85% of the Somali population consists of ethnic Somalis, and the official languages include Somali and Arabic. The main religion in the area is Islam, with most followers being Sunni Muslims. In the past, Somalia played a crucial role as a major center of trade, being ruled by different strong empires that dominated trade routes in the Middle Ages. Nevertheless, the nation faced considerable unrest in the late 20th century, especially following the removal of President Siad Barre in 1991, resulting in a prolonged civil conflict and the division of the country into clan-controlled regions. Somalia has taken steps towards stability recently, achieved by forming a federal government in 2012. Despite facing continuous obstacles, such as the militant group al-Shabaab, the nation persists in its efforts to reconstruct and reinstate governance. Somalia's landscape is diverse with plateaus, plains, and an extensive coastline, the longest in Africa. The economy is mostly based on traditional practices, with a large number of residents participating in subsistence farming and raising livestock, in response to the tough dry and hot climate of the region.

Business Opportunities in Somalia

BUSINESS OPPORTUNITIES IN Somalia

Somalia offers a variety of potential business prospects in different industries, fueled by its strategic positioning and continuous initiatives for economic revitalization and peace. The nation is seeing a revival in economic activity, especially in agriculture, telecommunications, and renewable energy. Modern agricultural methods and adding value to products can address increasing domestic and international market needs in agribusiness. The telecommunications industry has great opportunities to grow mobile and internet services, particularly due to the widespread use of mobile money. Moreover, Somalia also benefits from its abundant marine resources, which offer possibilities for engaging in commercial fishing and processing seafood. The government is actively pursuing foreign investments in renewable energy sources like solar and wind power, as well as the growing oil and gas sector, which is thought to have a significant amount of reserves. The aviation industry is growing, improving both trade and travel opportunities, with the rising need for infrastructure development creating more investment options. In general, Somalia's developing market, along with government efforts to establish a favorable business climate, makes it an appealing spot for investors seeking to support its economic development and earn significant profits.

Exports and Imports In Somalia

Overview In 2022 Somalia was the number 167 economy in the world in terms of total exports and the number 140 in total imports.

Top Exports of Somalia

The top exports of Somalia are Gold ($246M), Sheep and Goats ($163M), Bovine ($39.6M), Insect Resins ($32.3M), and Crustaceans ($21.4M), exporting mostly to United Arab Emirates ($283M), Oman ($173M), Bulgaria ($18.5M), India ($15.6M), and Kuwait ($13.5M).

Top Imports of Somalia

The top imports of Somalia are Rolled Tobacco ($530M), Raw Sugar ($420M), Palm Oil ($261M), Rice ($243M), and Concentrated Milk ($212M), importing mostly from United Arab Emirates ($1.88B), China ($1.05B), India ($912M), Turkey ($386M), and Ethiopia ($265M).

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