BOSASO CITY: Land of Opportunity

The name of Puntland is derived from the Land of Punt mentioned by ancient Egyptian sources, which is believed by some to have existed in what is now Somalia. Puntland has 1,600km of coastline, which is abundant with fish and other natural marine resources. Bosaso exports great quantities of seafood such as lobsters, dried fish, shark vines and tuna. Sea salt is also produced along with frankincense, gum arabic. Source, Puntland Chamber of Commerce and Industry.

Over 27 years Somalia has been without a central government, and the authorities who control Bossaso, say they have been overwhelmed by the large numbers of migrants who have no alternative but to flee the hopelessness and insecurity at home.

On February 26, 2016- Chinese-built Bosaso International Airport that promoted trade in the horn of Africa nation, Bosaso, In recent years, it has served as a refueling station for maritime transport between the Red Sea and the Persian Gulf ports, and has also become an important commercial point of entry which has manufacturing, distributing, wholesale and import & export to Ethiopia, Turkey, Pakistan, India, Oman, China and United Arab Emirates.

Bosaso airport which was noted that it met international standards has been accepted by the International Civil Aviation Organization (ICAO), and designed as a Class 4E airport can handle Boeing 737 or equivalent large aircrafts, according airport engineer Abdulkadir Ali.

President of Puntland, Abdiweli Mohamed Ali and the chairman of Ports, Customs & Freezone Corporation (PCFC), Sultan Ahmed bin Sulayem signed an agreement at a ceremony in Dubai (Apr 10, 2017), which approximated investment for the modern multi-purpose facility that will be USD $336-million divided into two phases:  USD $136 million (approx. AED500m) for Phase 1 and USD$ 200 million (approx. 745m) for phase 2. Source, Puntland government.

Bosaso, which is also Minneapolis’ newest Sister City, that made the relationship official On Friday, Aug. 12,2016, Bosaso Mayor Yasin Mire Mohamud signed the memorandum of understanding that formalized the Sister City relationship, which was originally endorsed by Minneapolis City Councils in October 2014, source Bosaso local government.

However, Bosaso, Puntland which is largely peaceful region, and has all essential governance service, EU, UAE, U.S, and China giving more attention since it become regional trade. United Arab Emirates paid to establish a maritime police force by providing training and equipment. Puntland Intelligence Agency which is the intelligence bureau of Puntland’s military was officially established in 2001 as the Puntland Intelligence Service during the rule of President Abdullahi Yusuf Ahmed, with help from the United States.

In January 2015, President of Puntland Abdiweli Mohamed Ali signed a bilateral agreement with the EU head of Civilian Operations Commander for all Civilian Common Security Defence Policy (CSDP) Missions Kenneth Dean, which stipulates that a new EUCAP Nestor base will be established in Garowe. The European Union’s Maritime Capacity Building Mission in the Horn of Africa and Western Indian Ocean (EUCAP Nestor) is mandated to assist nations in the latter regions to strengthen their maritime defense capabilities.

As such, the new base aims to advance cooperation, to train Puntland forces in maritime security and anti-terrorism, particularly vis-a-vis ground operations, and to develop and firm up on extant maritime security instruments and legislation.

Puntland diaspora who are wealthy and educated have created an economic vitality in the region, they have already invested the city with bring technical, in Bosaso everything points are positive and prosperous future for the people of the region. Food & Agriculture Organization of the United Nations said that Livestock exports contribute to approximately 80 percent of foreign exchange earnings, 40 percent of the GDP and 60 percent of employment opportunities.

The fishing industry is the second-highest source of income for the population; it provides direct employment to thousands of people during the eight-month fishing season and indirect employment for people working in restaurants and other enterprises. During the fishing season, temporary settlements are created along the coastline where women take goods for sale to earn income. Remittances from the diaspora also play a major role in the economy.

Forbes which is a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle published, 5 Multi-Millionaires from Somalia and met five low-key, ultra-wealthy Somali entrepreneurs who founded, own and run businesses with proven annual revenues of eight figures or more.

Mohamed Abshir Abdi from Bosaso made his fortune trading seafood. His Hafun Fishing Company, which he founded in 1992, is involved in the importation, distribution and sale of seafood products- everything from lobsters and frozen fish to dried shark meat. The company has annual revenues of more than $10 million.

Bosaso occupies a strategic location for maritime transport in the Gulf of Aden at the Southern approach to the Red Sea and Suez Canal with population of 1.5 million.