Somalia Welcomes It's First Foreign Bank In Over 50 Years
- Thread starter killerxsmoke
- Start date
Dalac Bilaash
☠ Emperor of The Horn ☠
Dalac Bilaash
☠ Emperor of The Horn ☠
Turkey has always been at the For Front for Somalia
Their President Came to Somalia Mogadishu when no Leader Dared come to Somalia
Their Investment in Ports and Airports, Schools, Farms, Fish Schools, Tech Schools, Medical Schools
"After the last members of the al-Shebab terrorist group were chased out of Mogadishu in August 2011, Ankara flooded the city with some five hundred development and aid workers. Turkish prime minister Erdoğan was the first non-African leader to enter the city limits of Mogadishu since the country collapsed in 1991; Turkish Airlines was also the first major carrier to fly into Mogadishu in twenty years. Since then Turkey has given some U.S. $51 million to Somalia."
The Turks know Somalia is RICH with wealth and Resources, they are stepping up to Take a Larger Claim of the Pie in the Future.
Down Side with Turkey is
In 2010, Somalia exported $1.36 million worth of goods to Turkey and imported $4.8 million, which was a manageable trade deficit. After Albayrak Group took over the management of Mogadishu Port, however, Turkish exports to Somalia increased exponentially, growing to $37.5 million in 2011 and reaching $256 million in 2019,
even as Somalia’s exports to Turkey rose to just $6.7 million over the same period. By comparison, in 2019 Somalia exported $18 million and $195 million to China and the UAE respectively. Although Somalia has a port revenue-sharing agreement with Albayrak, which receives 45%, this has resulted in one-sided expansion of trade, with Turkish traders importing nearly 50 times as much to Somalia as Somali traders exported to Turkey in 2020.
They are winning BIG TIME because they control the Sea Port and Airport due to the Agreement with HSM " They build it HSM leases it to them for a period of Years"
I cant Blame HSM because at the time Somalia needed Development and even the Chinese were too afraid to invest in Somalia.
I cant Blame Formajjo Either Formajjo Actually did some good during his term You can read how Formajjo renegotiated with Turkey for Better Terms. You can read it below with the link i put
https://en.goobjoog.com/somalia-turkish-firm-ink-revised-14-year-port-concession/
Turkey Took the RISKS, They SPENT the Hundreds of Billions, Their Embassy is outside HALANE which means they are not afraid of Mogadishu's residents like ALL THE PEOPLE and ALL THOSE PEOPLE WHO NEVER LEAVE THE AIRPORTS
First President to Visit the Capital Mogadishu Since the Power of Barre - Turkey
First Country to Invest in the Capital Mogadishu Since 91, building roads, Airports, Sea Ports, Schools, Medical Hospitals, Animal Hospitals
He who invests and puts in the most work will benefit From Somalia
Their President Came to Somalia Mogadishu when no Leader Dared come to Somalia
Their Investment in Ports and Airports, Schools, Farms, Fish Schools, Tech Schools, Medical Schools
"After the last members of the al-Shebab terrorist group were chased out of Mogadishu in August 2011, Ankara flooded the city with some five hundred development and aid workers. Turkish prime minister Erdoğan was the first non-African leader to enter the city limits of Mogadishu since the country collapsed in 1991; Turkish Airlines was also the first major carrier to fly into Mogadishu in twenty years. Since then Turkey has given some U.S. $51 million to Somalia."
The Turks know Somalia is RICH with wealth and Resources, they are stepping up to Take a Larger Claim of the Pie in the Future.
Down Side with Turkey is
In 2010, Somalia exported $1.36 million worth of goods to Turkey and imported $4.8 million, which was a manageable trade deficit. After Albayrak Group took over the management of Mogadishu Port, however, Turkish exports to Somalia increased exponentially, growing to $37.5 million in 2011 and reaching $256 million in 2019,
even as Somalia’s exports to Turkey rose to just $6.7 million over the same period. By comparison, in 2019 Somalia exported $18 million and $195 million to China and the UAE respectively. Although Somalia has a port revenue-sharing agreement with Albayrak, which receives 45%, this has resulted in one-sided expansion of trade, with Turkish traders importing nearly 50 times as much to Somalia as Somali traders exported to Turkey in 2020.
They are winning BIG TIME because they control the Sea Port and Airport due to the Agreement with HSM " They build it HSM leases it to them for a period of Years"
I cant Blame HSM because at the time Somalia needed Development and even the Chinese were too afraid to invest in Somalia.
I cant Blame Formajjo Either Formajjo Actually did some good during his term You can read how Formajjo renegotiated with Turkey for Better Terms. You can read it below with the link i put
https://en.goobjoog.com/somalia-turkish-firm-ink-revised-14-year-port-concession/
Turkey Took the RISKS, They SPENT the Hundreds of Billions, Their Embassy is outside HALANE which means they are not afraid of Mogadishu's residents like ALL THE PEOPLE and ALL THOSE PEOPLE WHO NEVER LEAVE THE AIRPORTS
First President to Visit the Capital Mogadishu Since the Power of Barre - Turkey
First Country to Invest in the Capital Mogadishu Since 91, building roads, Airports, Sea Ports, Schools, Medical Hospitals, Animal Hospitals
He who invests and puts in the most work will benefit From Somalia
It's not good. They will faciliate corruption and outflow of much needed capital.
You’re completely right !! We should differently not welcome progress. Let’s stay in a complete state of failure. Progress is not welcome !!
Every country has foreign banks
Cool story bro,
Ape kulaha
have you looked in the mirror you insecure little girl. Get of the internet old timer, I think you’ve had enough for today
Cool story bro,
Ape kulaha
Bank regulator puts German unit of Turkey's Ziraat under supervision
Germany's financial watchdog BaFin said on Tuesday it had appointed a representative to ensure the German unit of Turkey's Ziraat Bank (TCZIR.UL) fulfills obligations including obeying laws against money laundering.
Dude got offended over the most casual anti corruption comment. Little looting bastard.
Are you really surprised banks commit money laundering ? Are you that naive. I hate to break it to you mate but they all do it. HSBC bank which is one of the biggest banks on the planet (if not the biggest), happens to be the world champion in money laundering. Me offended ? No not at all, I just feel sorry for you.Bank regulator puts German unit of Turkey's Ziraat under supervision
Germany's financial watchdog BaFin said on Tuesday it had appointed a representative to ensure the German unit of Turkey's Ziraat Bank (TCZIR.UL) fulfills obligations including obeying laws against money laundering.www.reuters.com
Dude got offended over the most casual anti corruption comment. Little looting bastard.
“little looting bastard” great comeback there champ, good lad
I have to pause now and remind myself that you are Hutu. The one time you are obviously offended by something is anti-corruption. It's such a benign comment that any normal person that reads it at most goes "hmm" and moves on but not you.Are you really surprised banks commit money laundering ? Are you that naive. I hate to break it to you mate but they all do it. HSBC bank which is one of the biggest banks on the planet (if not the biggest), happens to be the world champion in money laundering. Me offended ? No not at all, I just feel sorry for you.
“little looting bastard” great comeback there champ, good lad
That’s it ?I have to pause now and remind myself that you are Hutu. The one time you are obviously offended by something is anti-corruption. It's such a benign comment that any normal person that reads it at most goes "hmm" and moves on but not you.
Mind gone blank ae.
@The Nobel Suleiman it is true that Somalia currently imports more from Turkey than it exports, but the establishment of a new bank and the construction of power plants will make it easier for the many Turkish companies manufacturing products in their own country to move their operations to future Somali Industrial Parks, which will cut their costs, provide tons of jobs for young Somalis and reduce the need to import products as they are already being produced inside the country.
A new bank like this, connected to a mother bank in Turkey, makes that possible and easier. This is great news.
A new bank like this, connected to a mother bank in Turkey, makes that possible and easier. This is great news.
Usually a foreign bank opens up in another country like it has in Somalia to increase investments in the country and also to facilitate financial services to the Turks and their business in Somalia, and also it helps Somalis who live in Turkey to use that bank as a monetary link (as money transfer) between Turkey and Somalia.
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