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President Mohamud Urges German Firms to Invest in Somalia

Storyline:President's Updates

GOOBJOOG NEWS | FRANKFURT: Federal government of Somalia president Hassan Sheikh Mohamud has stressed the critical importance of international cooperation as a cornerstone for economic growth, job creation, climate change mitigation, and combating insecurity.

In his key note address during the German-African Investment Conference in Frankfurt, Germany, President Mohamud outlined the various investment opportunities available in Somalia and emphasized the Federal Government’s efforts to foster development and stability.

The president further emphasized the nation’s commitment to economic transformation and the creation of a conducive environment for investors and at the same time praised the forum for its focus on establishing systems that attract and secure investments, which are vital for Somalia’s ongoing development.

President Mohamud noted the successful implementation of economic transformation plans and the establishment of robust legal frameworks designed to protect investors.

He also emphasized the crucial role of the private sector in driving economic growth and invited international investors to explore opportunities in Somalia, lauding the entrepreneurial spirit and creativity of the Somali people.

In his opening remarks, Afrika-Verein’s CEO Christoph Kannengiesser emphasized the importance of strengthening Germany-Africa relations to achieve shared prosperity and expressed hope that German companies would seize opportunities to become key partners in African economies.

He stated that Germany recognizes the continent’s significant growth potential and the necessity for collaborative solutions in sectors such as infrastructure, agri-food, renewable energy, and industry.

The forum, sponsored by the German-African Business Association (Afrika-Verein), brought together German private sector representatives and delegations from various African nations.

President Hassan Sheikh Mohamud was the guest of honor, highlighting Somalia’s prominence at the event.