Somalia signs tax-free fish export agreement with China, opening Chinese market to Somali seafood
MOGADISHU (Somaliguardian) – Somalia has signed a tax-free fish export agreement with China that will allow Somali businesspeople to export the country’s fish and marine resources to the Chinese market without paying taxes, opening a major new export opportunity that the federal government says will boost the fisheries sector, create jobs and stimulate economic growth. […]
Black News 
MOGADISHU (Somaliguardian) – Somalia has signed a tax-free fish export agreement with China that will allow Somali businesspeople to export the country’s fish and marine resources to the Chinese market without paying taxes, opening a major new export opportunity that the federal government says will boost the fisheries sector, create jobs and stimulate economic growth.
Fisheries and Blue Economy Minister Ahmed Hassan Adan announced the agreement on Tuesday while seated alongside the Chinese ambassador, with whom he signed the deal.
Under the agreement, Somali exporters will gain tax-free access to China’s vast consumer market for fish and marine products, marking the first such opportunity for Somalia’s fisheries sector. The federal government says the agreement is intended to strengthen the country’s fishing industry, expand business opportunities for Somali exporters and support wider economic development.
The agreement comes despite Somalia possessing the longest coastline in Africa, while its fisheries sector has remained largely underdeveloped since the collapse of the central government in 1991. Years of instability have limited investment in the industry, while foreign trawlers have continued to exploit Somalia’s offshore waters, with authorities repeatedly accusing them of illegally harvesting fish and depriving Somali fishermen of valuable marine resources.
By opening duty-free access to one of the world’s largest seafood markets, the government hopes the agreement will encourage greater commercial fishing activity, attract investment and expand opportunities for Somali fishing businesses.
It remains unclear, however, how the new market access will affect Somalia’s fish production capacity, private investment in the fisheries industry or the sector’s long-term growth.
The agreement marks a significant step in Somalia’s efforts to develop its blue economy by connecting its fisheries sector to one of the world’s largest export markets. Whether it translates into higher fish production, increased investment and sustained export growth remains to be seen, but it provides Somali fish exporters with unprecedented access to the Chinese market without tariffs.
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