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Somalia organized its first-ever International Investment Conference, which brought together leaders of the Federal Government, its international partners, and a cross-section of Somalis businessmen. The two-day event provided an opportunity for the world to appreciate the progress being made by Somalia on the political and economic front while zeroing in on areas where investments could be channelised
Somalia organized its first-ever International Investment Conference, which brought together leaders of the Federal Government, its international partners, and a cross-section of Somalis businessmen. The two-day event provided an opportunity for the world to appreciate the progress being made by Somalia on the political and economic front while zeroing in on areas where investments could be channelised.
President Mohamud in his address highlighted the efforts of his government to create a favourable investment environment to attract foreign direct investment. Constitutional governance and stability based on the rule of law and democracy are the hallmarks of the country, he highlighted. The conference had the theme ‘Unlocking Sectoral Investments to Accelerate Economic Growth,’ and was supported by the United Nations in Somalia.
Deputy Special Representative of the UN Secretary-General to Somalia, and its Humanitarian Coordinator, Adam Abdelmoula, said that the investment conference was in line with the objectives of the UN in Somalia to achieve the Sustainable Development Goals Agenda 2030. The United States Ambassador to Somalia, Larry E. André Jr expressed confidence in Somalia’s full economic revival and noted that the United States would support Somalia in its developmental activities. The US Ambassador said that ongoing reforms would qualify Somalia for debt relief through the scheme meant for the Highly Indebted Poor Countries (HIPC) Initiative.
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Importantly, in recent years, Somalia has normalized its relations with the International Monetary Fund, the World Bank, and other international financial institutions. For 30 years, the country has been outside the international financial system.
