Hargeysa(Mogadishu24)-The Ministry of Foreign Affairs of Somaliland has expressed deep concern over the crisis in the Red Sea, which has had a negative impacts on regional and global economy.

In a press statement issued on Tuesday, the Ministry stated that the renewed tension in the Red Sea threatens the sea’s security, regional stability, and the lives of millions of people who depend on commercial ships passing through the area.

“The Government of the Republic of Somaliland continues to follow the escalating crisis in the Red Sea. This volatile situation threatens maritime security, regional stability, and the livelihoods of millions who depend on the vital trade routes of this particular area,” the statement read.

The statement further urged the parties involved to prioritize collaboration and peaceful resolutions to put an end to the conflict, while safeguarding international laws.

“We urge all parties involved in the crisis to prioritize diplomacy, dialogue, and peaceful resolution. We believe in a collaborative approach that prioritizes collective security, respects international law, and addresses the root causes of the conflict and political instability in the region.”

“We call on regional and international actors to play a constructive role in facilitating de-escalation and supporting diplomatic efforts,” the statement read in part.

Somaliland has promised to welcome friends who want to participate in maritime security efforts, to ensure that the Red Sea is a safe waterway where all ships can pass safely.

“Our Government remains steadfast in welcoming partners who want to engage in our maritime security efforts, so we can ensure the Red Sea remains a safe and prosperous waterway for all,” the statement concluded.

This comes a day after the President of Somaliland, Musa Bihi Abdi, met with businessmen to discuss the adverse impacts of tensions in the Red Sea on the local business landscape and the entire region.

The meeting focused on formulating strategies to address the economic impacts of the increased challenges in trade across the Red Sea, due to the attacks and blockade by the Yemeni Houthi group on commercial ships within Bab Al-Mandab.

It brought together ministers, representatives from Somaliland’s Chambers of Commerce, business experts, business people, and other government officials.

During the discussions, both sides agreed on the need to prepare a comprehensive plan to address ongoing issues that pose a potential threat to community life.

Business leaders actively contributed suggestions and ideas aimed at overcoming emerging economic challenges.

These suggestions include the establishment of a joint committee comprising Government officials and businessmen, with the objective of developing lasting solutions to trade and goods-related issues at the port.

The leaders also emphasized the need for collaborative efforts to boost local production, aiming for self-sufficiency and reduced dependence on foreign countries.