Regulatory Efficiency: Political instability, an outmoded regulatory environment, and inadequate infrastructure significantly deter the formation and operation of businesses. The labor market is dominated by the agricultural sector and informal hiring practices. Agriculture is the most important sector, with livestock normally accounting for about 40 percent of total domestic output and more than half of Somalia’s limited export earnings. Open Markets: Much of the population remains outside of the formal trade and banking sectors, and private investment remains extremely limited. Swiss Financial Bank announced in 2011 that it intends to open a bank in Somaliland. The bank is one of three international commercial banks that have applied for licenses to operate in Somaliland in anticipation of parliament passing a new banking act.
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