Overview of MOCI’s Responsibilities
The Ministry of Commerce and Industry (MOCI) of the Federal Republic of Somalia plays a crucial role in overseeing the nation’s commercial and industrial activities. It aligns these activities with national development goals to foster economic growth. The ministry’s responsibilities include attracting investments, supporting export development, and regulating trade practices within the country.
Key Functions of the Ministry
MOCI is also tasked with registering commercial entities and issuing the necessary licenses for operations. This regulatory framework ensures that businesses comply with local laws and standards, promoting a fair and competitive marketplace. Additionally, MOCI supervises market regulation, provides consumer protection, combats commercial fraud, and safeguards fair competition practices while preventing monopolistic behavior.
MOCI’s Vision and Mission
The ministry’s vision aims to create a diversified economic landscape and a self-reliant private sector that functions within a competitive business environment. This vision emphasizes the importance of consumer awareness and the responsibilities of the business community towards its customers. To achieve this, MOCI focuses on leading sustainable economic growth through private sector partnerships, establishing a safeguarded business environment, promoting policy-making, and encouraging diversified investments.