Mogadishu (Dawan Africa) - The Federal Government of Somalia, through the Ministry of Fisheries and Blue Economy, has signed an agreement with the Turkish company OYAK, on Tuesday aimed at developing Somalia’s fisheries and expanding its broader blue economy sector.
While the duration of the agreement was not specified in the Ministry’s statement, it outlined several strategic areas of cooperation, including:
• Direct investment in fisheries infrastructure
• Increasing fish production
• Enhancing the quality of fish products to meet international standards
• Establishing fish processing facilities to boost exports and create employment
• Strengthening efforts to combat illegal, unreported, and unregulated (IUU) fishing in Somali waters
Although the agreement’s duration was not disclosed, the deal reflects deepening economic collaboration between Somalia and Turkey.
OYAK, founded in 1961, is one of Turkey’s largest private pension funds. The company operates in 24 countries and maintains a diversified investment portfolio across energy, agriculture, chemicals, mining, and finance.
This deal follows a broader maritime agreement signed in February 2024, under which Turkey agreed to support Somalia’s naval development and share in the economic benefits of Somalia’s marine resources.
The latest agreement marks another strategic step in Somalia’s efforts to sustainably manage its marine assets while reinforcing bilateral ties with Turkey in areas of mutual interest.
