The leader of Puntland regional state of Somalia, Saed Abdullahi Deni launched second phase construction of Gara’d port on Wednesday.
The project is funded by Somali businessmen in conjunction with the regional state administration.
Saed Deni led a group of foreign investors to the port city for possible investment opportunities.
Speaking during annual Puntland investment forum which concluded on Tuesday, President Saed Deni said his administration will set up investment policy which will make it easier for the local and international investors to invest in various sectors in the state.
At the end of the forum, a pledge of USD 300 million was made for possible investment and entrepreneurship in various untapped sectors.
Fisheries, livestock, and mining are key areas for investment in Puntland state.
Already international companies mainly Chinese have shown their interest in the fishing sector.