By Zakarie Soohoyde - Reporter
Somalia, 25 July 2026 — Somalia will exempt Somali fish traders from taxes on exports to China as part of a new plan to develop the country’s $10 billion marine resources and grow fisheries revenue to $900 million annually.
The tax exemption was announced by the Minister of Fisheries and Blue Economy, Ahmed Hassan Adan, at a fisheries stakeholders’ forum held in Mogadishu on Saturday.
“We have signed an agreement exempting Somali fish traders who are able to export to China from taxation. No tax will be imposed on them,” Adan said while officially opening the forum.
The forum, organised by Magan Forum and the Somali Marine Research Institute, brought together government ministers, fisheries stakeholders and business representatives to discuss challenges facing the sector and opportunities in Somalia’s marine resources.
Adan said the government is placing greater emphasis on developing the fisheries sector and making better use of the country’s coastline.
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Research presented at the forum showed Somalia’s waters are home to around 600 fish species, with more than 400 considered commercially viable.
Reports also estimated that Somalia’s marine resources could generate up to $10 billion in economic value. The country currently generates around $170 million annually from the wider blue economy.
The government has set a target of increasing fisheries revenue to between $300 million and $900 million through expanded production, trade and exports.
The sector is also a major source of livelihoods, with around 600,000 people estimated to depend directly or indirectly on fisheries.
The discussions come as Somalia seeks to develop its blue economy and turn its extensive coastline into a greater source of employment, trade and economic growth.