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Federal Government keen to boost domestic production, trade minister says

Storyline:Business, National News

GOOBJOOG NEWS | MOGADISHU: The Federal Government has enhanced efforts to boost domestic production so as to enable Somali businesses to become self-sufficient.

Speaking during an annual conference on promoting local production held in Mogadishu Monday, Trade Minister Jibril Abdirashid Haji Abdi said there exists a huge trade imbalance between Somalia and the rest of the world.  

“Last year, Somalia imported goods valued at over 6 billion dollars, while its exports amounted to a mere 50 million dollars,” he revealed.

Somali Chamber of Commerce chairman Mohamoud Abdikarim Gabayre noted that Somalia is blessed with numerous wealth in various sectors which should be harnessed to increase the country’s wealth adding that the conference marks a huge step towards achieving such goals.

“It is my hope that this conference will serve as a catalyst for the nation’s self-sufficiency, enabling the Somali population to become self-reliant and less dependent on foreign aid.”

The conference was attended by prominent business persons, government officials and the top leadership of Hormuud Company who were the main organizers of the event.