Fortune Paint Manufacturer ventures into Somaliland

Hargeisa (CBATV.NET) – Saturday morning in the capital Hargeisa, a new firm joined local companies investing in the production sector in Somaliland.

The Fortune Paints Manufacturer will be the first paint making company in the country.

At an event graced by officials from Somaliland’s chamber of commerce, industries, and agriculture, the company promises to color Somaliland to the future.

The Fortune, paint manufacturer has not disclosed how much it tapped into the economy mine of the growing property market in the vast regions of Somaliland.

The company promises to sell high-quality water-based acrylic emulsions that offer excellent durability, quick drying time, and fewer odor emissions.

“We will do our best and actually it is our target to produce high-quality paints here in Somaliland, which is affordable. We promise to manufacture totally different paints than the ones which are imported from abroad. That one I am assuring you. Our product will never be of a quality lower than those that are imported” Said Mohammed Shukri, an investor at Fortune Paints.

Somaliland has abundant and untapped locally available resources and is continuously encouraging local and international investors to exploit these resources.

The government of the Republic of Somaliland has enacted laws on the promotion; protection and guarantee of foreign investment.

Local investors are taking lead already, primarily as a result of substantial investment from the Somaliland diaspora, many large-scale plants have been created, and many others have been re-opened.

According to the UNDP, investments in light of manufacturing have expanded in Hargeisa and Burco in particular, indicating growing business confidence in the economy.

The new law enacted by Somaliland guarantees against expropriations, making investors, local and international chip in money in the largely unexploited resources in the country.

The new law gives priority to foreign investments in the areas of agriculture, livestock, fishing, mineral resources, and industrial activities.
Even as investors both local and international exploit the virgin reserve, other areas that have been completely untapped are digital economy and connectivity, blue economy, innovation, science, and technology.

Yunis Dekow