Hargeisa —The 2012 Business Confidence Survey, released this
week, shows that investment in medium-sized enterprises more than doubled
between 2011 and 2012. The Somaliland Ministry of Commerce and the Chamber of
Commerce, Industry, and Agriculture conducted the survey with USAID support.
"This year's survey shows that businesses and investors
are becoming more confident in the economy," said Somaliland Minister of
Commerce Honourable Abdirizaq Ahmed Khalif. "We expect that their
confidence will continue to grow and that investment will continue to increase.
The survey found that investment in medium sized-enterprises
of $100,000 - $500,000 had more than doubled in Hargeisa between 2011 and 2012
(from 7.5 percent of respondents to 17 percent).
Nearly 300 local businesses from all regions of Somaliland
responded to the annual survey-- including women entrepreneurs and youth-owned
businesses as well as investors from the Somali Diaspora. The survey queried
respondents about the ease of starting a business, perceived availability of
skilled labour, the quality of infrastructure, security, and laws and
regulations for businesses and investors.
Previous surveys had shown that businesspeople and potential
investors were particularly concerned about weak legislation. In response, in
2012 USAID also provided assistance to the Ministry of Commerce to review and
amend laws governing commerce and investment.
Support for these activities comes from USAID's Partnership
for Economic Growth program, a $13 million initiative that supports
stabilization by investing in the local economy and strengthening the
livestock, farming, and energy sectors.
For more information, please contact Marybeth McKeever at
mmckeever@usaid.gov or visit http://eastafrica.usaid.gov/en/home
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