Somaliland and Taiwan Strengthen Financial and Diplomatic Cooperation
Taipei, Taiwan – The Governor of the Central Bank of Somaliland, Mr. AbdiNasir Ahmed Hersi, held a high-level meeting with Taiwan’s Deputy Minister of Foreign Affairs, Ambassador François Wu Chih-chung, along with other senior officials.
The meeting focused on reinforcing the special relationship between Somaliland and Taiwan, with both sides – the Central Bank of Somaliland and the Ministry of Foreign Affairs of Taiwan – agreeing on new areas of cooperation in finance, trade, and technology.
In his remarks, Governor Hersi highlighted his role in laying the foundation for diplomatic ties between the two nations in 2019, when he served as the Director General of Somaliland’s Ministry of Foreign Affairs. He emphasized that the relationship has since flourished on the basis of mutual trust, respect, and shared aspirations.
The Governor also underscored the importance of financial, trade, and technological cooperation as key drivers of economic growth for both nations.
During his visit to Taiwan, the Governor and his delegation visited the headquarters of the Central Deposit Insurance Corporation (CDIC). The Somaliland delegation was warmly received by Mr. Tien-Mu Thomas Huang, Chairman of the CDIC, along with the organization’s Executive Directors Ms. Annie Cheng and Ms. Yvonne Y. Fan. The Taiwanese officials shared their expertise in deposit insurance systems for banks and financial institutions, with the goal of improving risk management in Somaliland.
Both parties agreed to expedite their collaboration by planning to sign an official Memorandum of Understanding (MoU) between the Central Bank of Somaliland and Taiwan’s CDIC.
In addition, the Governor also held fruitful meetings with:
The Central Bank of Taiwan
The Financial Supervisory Commission (FSC)
The Central Deposit Insurance Corporation (CDIC)
These meetings concluded successfully, with a mutual commitment to deepen cooperation in areas such as knowledge exchange, technical assistance, modernization of financial infrastructure, and Somaliland’s integration into global payment systems — particularly the SWIFT network.
The Central Bank of Somaliland and Taiwan’s financial institutions are expected to soon formalize their commitments through the signing of several MoUs. Notably, the CDIC is anticipated to become the first institution to assist Somaliland in establishing a national deposit insurance system, God willing.
In conclusion, Governor Hersi stated that this partnership will pave the way for increased transparency, sustainable economic growth, and significant development within Somaliland’s financial sector.
The Governor was accompanied in the meetings by:
H.E. Ambassador Mohamoud Aden Jama (Galaal), Somaliland’s Representative to Taiwan
Mr. Mohamoud Ahmed Mohamed, Senior Advisor to the Central Bank of Somaliland
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