Hargeysa(Mogadishu24)-The President of Somaliland, Musa Bihi Abdi, met with businessmen on Monday 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.

The event 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.

Jamal Eyid Ibrahim, the chairman of the Chamber of Commerce, spoke on the collective impact of the conflict in the Middle East on businesses across Somaliland and the region.

“Since Israel escalated the conflicts in Gaza with increased bombardment, the governments in the region were also involved, leading to disruptions of commercial sectors from the producing governments, subsequently affecting our businesses directly,” Jamal said.

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

President Bihi underlined the government’s commitment to mitigating obstacles and challenges that have surfaced in the region, impacting the lives of civil society.

He encouraged businessmen to assume a vital role in ensuring the safety and stability of society, fostering increased business flow, and promoting sustainable development.

The meeting concluded with a shared commitment to enhance collaboration between the government and the business community for the prosperity of Somaliland.