Hargeisa (SLpost)- Vice President of Somaliland Mohamed Ali Aw Abdi on Wednesday opened the second annual Conference on the Development of Small and Medium-Sized Enterprises (SMEs) and Cooperatives in Hargeisa, bringing together government officials, business leaders, cooperative representatives and other stakeholders to discuss ways of strengthening the country’s private sector and expanding economic opportunities.
The two-day conference is jointly organized by the Somaliland Ministry of Trade and Tourism and the Ministry of Labour, Social Affairs and Family. It focuses on the contribution of small and medium-sized businesses to economic growth, job creation, domestic production and the broader economic empowerment of communities.
Participants are discussing the major challenges facing small and medium-sized businesses, existing business opportunities, access to financing, skills development and training, as well as ways to strengthen cooperatives as a mechanism for pooling resources and supporting community-based economic activity.
Speaking at the opening ceremony, Vice President Mohamed Ali Aw Abdi said SMEs represent an important component of Somaliland’s economy because of their contribution to employment, domestic production and economic activity.
He also highlighted the role of cooperatives in strengthening social and economic cooperation, particularly among people engaged in agriculture, livestock, handicrafts, production and various service sectors.
The Director General of the Ministry of Labour, Social Affairs and Family, Mohamed Abdi Hashi, said the conference provides an important platform for the two ministries to work together on policies and initiatives supporting small businesses.
He said this year’s conference would place particular emphasis on the role of women in business, employment creation and the contribution of small enterprises to economic growth.
“We hope the conference will produce practical recommendations that positively affect the lives of women entrepreneurs and contribute to improving their livelihoods and business opportunities,” Hashi said.
Eng. Mohamoud Hussein Adan (Jabaake), Director General of the Ministry of Trade and Tourism, said discussions during the first conference identified access to finance as one of the biggest challenges confronting small businesses seeking to expand.
He said the ministry had subsequently undertaken studies aimed at identifying potential solutions to the financing constraints faced by small and medium-sized enterprises.
Central Bank of Somaliland Governor Abdinassir Ahmed Hirsi, Somaliland Chamber of Commerce Chairman Jamaal Caydiid and Hargeisa Mayor Eng. Abdirisaq Mohamed Farah also addressed the conference, emphasizing the importance of supporting small and medium-sized businesses.
The speakers underscored the role of SMEs in creating employment opportunities and sustaining economic activity, while calling for stronger mechanisms to help entrepreneurs access financing, training, markets and other resources needed to expand their businesses.
The conference is expected to conclude with recommendations aimed at improving the operating environment for SMEs and cooperatives and strengthening their contribution to Somaliland’s economic development.
Reporting by Somalilandpost News
