On July 31, 2023, Taiwan's Minister of Economic Affairs Mei-Hua Wang and Somaliland's Minister of Trade and Tourism Mohamoud Hassan Saad jointly signed the  "Memorandum of Understanding on Strengthening Business and Trade Relations between Taiwan and Somaliland".

This MOU aims to promote bilateral exchanges and explore business opportunities in such areas as trade, investment, mining, and oil resources, which will be fundamental for fostering our bilateral partnership.

Somaliland is located in Eastern Africa and is rich in natural resources, such as minerals, livestock, and marine fisheries. It has gained much recognition for future development.

On the basis of existing cooperation, the MOEA will continue to strengthen bilateral economic exchanges and create more opportunities for the business communities of both countries.