Somaliland Strengthens Financial and Diplomatic Cooperation with Taiwan

by: Press Release | 16 September 2025 19:29

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Somaliland Strengthens Financial and Diplomatic Cooperation with Taiwan

Taipei, Taiwan – September 13, 2025 – Today, I had the honor of meeting with Ambassador Wu Chih-chung François, Deputy Minister and Acting Minister of Foreign Affairs of Taiwan, together with senior officials of the Ministry. Our d

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Taipei, Taiwan – September 13, 2025 – Today, I had the honor of meeting with Ambassador Wu Chih-chung François, Deputy Minister and Acting Minister of Foreign Affairs of Taiwan, together with senior officials of the Ministry. Our discussions reaffirmed the special relationship between Somaliland and Taiwan and highlighted new areas of cooperation in the financial sector.

I recalled with pride that I was among the pioneers who initiated the Somaliland–Taiwan partnership in 2019, a relationship that has since matured into one based on trust, mutual respect, and shared aspirations. I emphasized that deepening cooperation in finance, trade, and technology will be critical to the prosperity of both nations.

Advancing Financial Sector Cooperation

Over the past days, I held productive discussions with the Central Bank of Taiwan, the Financial Supervisory Commission (FSC), and the Central Deposit Insurance Corporation (CDIC). Together, we explored how these institutions could support Somaliland in modernizing its financial sector, with a focus on:

1. Capacity building through training, staff exchange, and technical assistance

2. Modern financial infrastructure and technology development

3. Effective legal and policy frameworks

4. Facilitating Somaliland’s integration into SWIFT and international payment systems

These areas are essential to breaking Somaliland’s financial isolation and strengthening our economy.

Towards Formal Cooperation

I expressed Somaliland’s readiness to sign Memoranda of Understanding (MoUs) with Taiwan’s financial institutions to formalize these commitments. CDIC is expected to be the first partner, supporting the establishment of a Somaliland Deposit Protection Fund.

At CDIC headquarters, I met with Chairman Tien-Mu Thomas Huang, President Annie Cheng, and Executive Vice President Yvonne Y. Fan, who shared valuable insights on deposit insurance operations, risk management, and resolution frameworks. We agreed to advance cooperation through a formal MoU.

I was honored to be joined by H.E. Mohamoud Adam Jama Galal, Somaliland’s Ambassador to Taiwan, and Mr. Mohamoud Ahmed Mohamed, Senior Advisor to the Central Bank of Somaliland, both of whom contributed meaningfully to these engagements.

Taiwan’s Foreign Minister emphasized that Taiwan values its special partnership with Somaliland and pledged to continue expanding support, particularly in the financial sector.

Closing Remarks

I concluded by reaffirming: "Strengthening our cooperation will drive sustainable economic growth in Somaliland while expanding Taiwan’s reach and partnerships in the Horn of Africa. We are committed to building on the foundation we laid in 2019, overcoming our shared challenges, and creating a model partnership for others to follow.”

Abdinasir A. Hersi

GovernorCentral Bank of Somaliland