Gardafu Free Trading Zone Authority
Gardafu Free Trading Zone Authority is the port institution that manages free port at Olog and Daamo. Olog and Daamo are centuries old small that locate in the north east of Ras Asir which are appropriate to be made a container hub to be a free zone commercial port.
This location is where the Gulf of Aden waters and Indian Ocean waters meet and is suitable for deep sea port that handles thousands and thousands of containers on transit to south east Asia, Australia and Europe, East and Southern Africa and Middle East as well.
The Free Zone port will be established to North East of Cape Gardafui or eastern horn of Africa which is geographically, economically and strategically the most appropriate place for deep sea port. The container terminal in Olog town will bring Somalia alot of port revenue as it locate one of the largest routes for commercial ships. Every year more than 30,000 commercial ships pass this area going different destination south east Asia, Middle East, India , China and Japan.
This could port could be almost the biggest free trade zone in the world as it locate the center of the world. The business people can get whatever goods they need without duty, so free trading is encouraged particularly in Africa where there are ever growing consumers and and potential development is going.
The Olog Free Port will be well equipped with capable cranes that can handle the biggest containers, equipment and other special purpose goods to be dispatched all geographical parts of the world. Besides the equipment the port will recruit the best engineers, operation managers, technicians, and financial specialists to carry out the port operations optimally. In this project, Somali Government will get large amount of revenue as port charges and other services. on the other hand the project will bring abundant opportunity for employment for Somali people who are now suffering for unemployment and lack of source of income.
Importance of Gardafue Freeport zone
- Exemption from corporate tax
- Exemption from customs duties on all goods imported into the Freeport zone
- Free repatriation of profits
- Reduced port handling charges for all goods destined for re-export
- Preferential market access in African countries
- Modern and integrated logistics facilities
- Access to offshore banking facilities
- 100% foreign ownership
- Access to the local market