By HAN News Desk
MOGADISHU — The Federal Government of Somalia has taken what it describes as a historic step towards reviving the country’s blue economy after signing a strategic cooperation agreement with the major Turkish conglomerate OYAK, aimed at developing Somalia’s fisheries sector.
The agreement was signed by Somalia’s Minister of Fisheries and Blue Economy, Ahmed Hassan Aden, and a representative of OYAK (Sermaye Yatırımları Anonim Şirketi), a company affiliated with the Turkish military that operates across Africa, Europe and Asia. Turkey has long used OYAK as a vehicle to advance its security, economic and political interests abroad.
Officials say the deal marks a new chapter in foreign investment and is intended to enable Somalia to more effectively exploit its vast marine resources, which remain largely underdeveloped despite the country having one of the longest coastlines in Africa.
Under the agreement, OYAK will directly invest in key areas of the fisheries sector, including the construction and modernisation of fishing infrastructure, increasing fish production and improving quality standards, and aligning Somali fish products with international market requirements. The partnership also предусматриates the establishment of fish processing and export facilities, strengthening measures to combat illegal, unreported and unregulated (IUU) fishing, and promoting Somali fish in global markets.
The Somali government views the partnership as a significant opportunity to increase state revenue from maritime resources while addressing chronic unemployment. Officials say the project is expected to create thousands of new jobs, particularly for Somali youth, and contribute to long-term economic recovery.
Government representatives have also said the agreement reflects growing international confidence in Somalia’s economic future and demonstrates the administration’s commitment to sustainable development, transparency and improved governance of marine resources.
According to the Ministry of Fisheries and Blue Economy, Somalia loses an estimated two billion US dollars annually due to illegal fishing by foreign vessels, including fleets from China, Iran, South Korea, Taiwan and other countries operating in Somali waters. As part of the agreement, OYAK is expected to provide vessel-monitoring technology, equipment for Somalia’s maritime forces, as well as legal and security advisory support to help protect the country’s territorial waters.
However, political and economic analysts caution that while the fisheries agreement is significant, Turkey also has broader strategic interests in Somalia. They note that Ankara has increasingly focused on gaining access to untapped natural resources, particularly oil and gas reserves, from which Somalis have yet to fully benefit despite decades of exploration prospects.
Despite these concerns, the agreement is widely seen as a move that could strengthen economic growth, enhance stability and place Somalia on a clearer path towards harnessing its maritime wealth more effectively.
