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Fencorp Global praises historical partnership between Somaliland and Ethiopia

by Nkululeko Nkomo
05 Jan 2024 at 14:20hrs | Views
The Prime Minister of Ethiopia, His Excellency Abiy Ahmed Ali, and the President of Somaliland, His Excellency Muse Bihi Abdi, have signed a historic memorandum of agreement and partnership. Under the terms of this agreement, Ethiopia officially recognizes Somaliland as a sovereign nation, marking a significant milestone in their bilateral relations.

One of the key highlights of the agreement is the leasing of a portion of Somaliland's territory along the Red Sea to Ethiopia. This move will undoubtedly have far-reaching implications for both nations, particularly in terms of trade and regional cooperation. The leased territory holds strategic value due to its proximity to vital trade routes, making it an ideal location for enhancing economic activities and connectivity.

Moreover, this partnership has also opened doors for Somaliland's participation in the aviation industry. Reports suggest that as part of the agreement, Somaliland has been offered a shareholding in Ethiopian Airlines, Africa's largest and most successful airline. This game-changing deal brings enormous potential for both nations, as it will boost tourism, trade, and investment opportunities.

The international community has welcomed this development, with Fencorp Global giving the partnership its full commendation. Fencorp Global, a prominent African investment company, recognizes the significance of this agreement in the context of the operationalization of the African Continental Free Trade Area (AfCFTA) Agreement. The Chief Operating Officer of Fencorp Global, Nick Ncube, emphasized that other African nations, especially those in the Southern African Development Community (SADC), should seize the opportunity to engage with Somaliland and tap into its vast economic potential.

Ncube stressed the importance of SADC's support for Somaliland at both the African Union (AU) and the International Telecommunication Union (ITU). By throwing their weight behind Somaliland's initiatives and aspirations, these organizations can facilitate greater access to the African market for countries in the region. Ncube urged SADC member states to act swiftly, as the economic potential existing in Somaliland is desirable and may soon become highly sought after by other nations.

With Ethiopia officially recognizing Somaliland as a sovereign nation and Somaliland leasing a portion of its territory to Ethiopia, a new era of cooperation and collaboration has dawned on the Horn of Africa. The signing of this historic agreement serves as a significant milestone in the region's pursuit of economic prosperity and political stability. Both nations and their partners stand ready to harness the immense potential that this partnership brings, creating a foundation for a brighter future for all.

Source - Byo24News