The Turkish Armed Forces Pension Fund (OYAK) has signed a strategic cooperation agreement with Somalia’s Ministry of Fisheries and Blue Economy to centralize and regulate fishing activities in Somali waters, the Anka news agency reported on Wednesday.
The agreement, signed at OYAK headquarters in Ankara, was attended by senior Turkish and Somali officials, including Turkish Defense Minister Yaşar Güler and Somalia’s ministers responsible for ports and fisheries.
Under the deal all fishing activities in Somalia’s territorial waters and exclusive economic zone will be licensed, monitored and regulated through a single authority, with an emphasis on sustainability and marine resource protection.
As part of the arrangement, a joint company named SOMTURK was established in Somalia on December 11. The company will be responsible for issuing all fishing permits in Somali waters and overseeing inspections and record-keeping related to fishing activity.
OYAK said the agreement would allow Somalia to manage its marine resources more sustainably while giving Turkey’s fishing industry access to waters considered among the world’s richest fishing grounds.
Officials said the cooperation is expected to deepen economic, commercial and technical ties and support employment through fish processing and related industries, contributing to local economic development in Somalia.
OYAK was established in 1961 to provide supplementary retirement and social benefits to members of the Turkish Armed Forces. It has since become one of Turkey’s largest institutional investors, with holdings in industry, energy, logistics and services.
Turkey and Somalia have significantly expanded ties over the past decade. Turkey operates its largest overseas military base, Camp TURKSOM, in Mogadishu and has trained thousands of Somali troops since 2017.
Turkish companies also manage Mogadishu’s airport and port, and Ankara has provided more than $1 billion in humanitarian aid since a severe drought in 2011, when President Recep Tayyip Erdoğan paid a high-profile visit to Somalia.
In February the two countries signed a framework agreement on maritime security, anti-piracy efforts and natural resource protection. That deal created a joint naval force mandated to patrol Somali waters for 10 years, allowing Turkey’s energy fleet to conduct seismic and drilling activities under military protection.
Somali officials say the partnership could help unlock the country’s largely untapped marine and natural resources.
