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Business EconomyPosted at: Sep 30 2020 5:35PM


INDSOM Chamber of Commerce inaugurated in Hyderabad

Hyderabad, Sep 30 (UNI) The INDSOM Chamber of Commerce was inaugurated here on Wednesday.
It is a non-government, not-for-profit organisation and it has been set up by pioneering businessmen from India and Somalia who saw the need to provide a dynamic institutional link for the promotion of commercial goodwill, economic relation between India & Somalia, and further acts as a catalyst for export import activities ( close to Billion USD ), technology transfers and joint ventures.
Speaking as Chief Guest at the event, Mr Jayesh Ranjan, Principal Secretary of the Industries & Commerce (I&C) and (IT) Departments of the Telangana government said that the state government would support the INDSOM Chamber of commerce in promoting trade and commerce.
“The momentum already built into growth trajectory and the underlying potentials between our two economies makes INDSOM Chamber of Commerce the perfect platform that offers informal and institutional investors to do investable businesses by sourcing, selecting and preparing SME’s for an investment and will encourage young enthusiastic entrepreneurs to do business in both the countries,” said Dr lion Y. Kiron, Founder of Indsom Chamber of Commerce.
With Trade between India and the Horn of Africa dates back to the Ancient times, bilateral trade between Somalia & India totalled USD 600 Million per year in recent years, India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers over the next 10-15 years.
Somalia is on its way to economic recovery and is a huge potential market for most modern services. The country aims to exploit the natural resources of petroleum and fisheries while the agriculture, livestock and manufacturing require very sophisticated production activities and huge investment in both domestic and international levels.
Based on this aspect, recent business related legal reforms and establishing an attractive environment created a good opportunity for investors and the business sector, a release here said.
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