Somalia’s Council of Ministers has unanimously approved the proposed Investment Promotion Agency (IPA) Act 2020.
The ministers approved the IPA Act 2020 on Thursday, September 10.
The Federal Government of Somalia believes that the IPA Act is central to creating a framework that supports the “promotion and attraction of investments.”
Furthermore, through the Act, the government intends to establish a federal agency tasked with “coordinating the activities needed to promote and attract investments.”
The Somalia Investment Promotion Office, which operates under the Ministry of Planning, Investment, and Economic Development, expressed great delight at the latest developments.
The Investment Promotion Office extended a vote of appreciation to Ambassador Gamal M. Hassan, the planning minister for his role in ensuring that the Act wins the ministers’ approval.