Mogadishu, Somalia – (African Boulevard News) – Somalia’s economic potential has been under the spotlight for the past two days at a gathering of the Somali government, international partners, local entrepreneurs, and foreign firms. The main goal of the conference was to highlight the many opportunities available and address the challenges hindering the growth of the Somali economy.
The conference titled “Unlocking Somalia’s Economic Potential” was organized by the Somali government in collaboration with the African Development Bank, the United Nations Development Programme, and the World Bank. It brought together policymakers, business leaders, and other stakeholders to discuss investment opportunities in Somalia.
The conference focused on various topics, including infrastructure development, job creation, gender equality, and expanding access to finance. One of the major challenges discussed was the need to create a more conducive environment for foreign investors to invest in Somalia.
According to the African Development Bank, Somalia’s economy is projected to grow by 2.9% in 2022, up from a contraction of 1.5% in 2021. The report also highlighted the need for structural reforms to improve the business environment and attract more investment.
Speaking at the conference, the President of Somalia, Mohammed Abdullahi Farmajo, emphasized the need to attract more foreign investment into the country. “Investment is key to unlocking the economic potential of Somalia, and we are committed to creating an environment that will attract more investors,” he said.
The conference was also attended by representatives from various international firms, including Coca-Cola, which recently announced plans to invest $200 million in Somalia over the next five years. Other firms, including Huawei, General Electric, and Siemens, highlighted the vast investment potential in Somalia’s energy and infrastructure sectors.
On her part, the Chairperson of the African Union Commission, Nkosazana Dlamini-Zuma, emphasized the need to prioritize gender equality and women empowerment. “Women are the backbone of Somalia’s economy, and their empowerment is key to unlocking the country’s economic potential,” she said.
In conclusion, the conference highlighted the vast investment opportunities available in Somalia and the need for structural reforms to attract more foreign investment. The Somali government pledged to create a more conducive environment for investors and implement policies that will promote economic growth and job creation. The gathering demonstrated the commitment of the Somali government, international partners, and other stakeholders in unlocking the full potential of Somalia’s economy.
