The Ministry for Trade will soon table the country’s first draft companies bill before parliament after it was approved by the cabinet, the Parliamentary trade committee confirmed.
The bill is significant as Somalia seeks to establish itself as a commercial hub of Africa as well as other parts of the world.
Mohamud Abdirahman Benebene, the chairperson of the parliamentary trade body said the draft bill has been prepared by the trade ministry is in its final process.
“We are about ten MPs from Parliamentary trade committee who were here (Nairobi) for a two-day workshop to analyze and discuss the proposed companies bill which is scheduled to be submitted to the parliament at the end of this month,” Benebene said.
He pointed out that they had discussions with experts over the companies bill.
” It was a pleasure for us sit together as a committee and meet with law experts who advised us on the bill,” the chairperson explained.
He added, ” This would facilitate ease of doing business and give entrepreneurs a chance to start companies.”
According to Benebene, the bill will strengthen corporate governance standards and attract foreign investors.
The draft bill was unanimously approved by Somali cabinet last month.
Following two decades of civil war, Somalia is rebuilding state institution as it transitions from being a failed state.
Currently, Somalia hosts several companies from Turkey which are operating in the nation.