Somali President lauds local entrepreneurship, upbeat on attracting foreign investment

GOOBJOOG NEWS|MOGADISHU: President Hassan Sheikh Mohamud has expressed Somalia’s readiness for foreign investment while lauding the business community for its resilience and exponential business growth.

Speaking during the official opening of the first Somalia International Investment Conference in Mogadishu yesterday, President Mohamud said Somalia is well endowed with natural resources and a history of resilient entrepreneurship.

“Somalia’s spirit of enterprise has persisted despite the case of protracted conflict, political infrastructure and climate-related hardship,” the President said. He noted that the partnership between the private sector and the diaspora community has seen exponential growth in sectors such as telecommunication, fisheries and real estate in recent years.

President Mohamud further noted that his government was committed to eradicating the scourge of terrorism to create a conducive environment for local and international investments.

The Somalia International Investment Conference which concludes today provides a forum for local and international investors and the government to interact and explore business opportunities in the country.

According to the organiser of the event, Somalia Investment Promotion Office (SOMINVEST), the ‘Conference targets Fortune Global 500 companies, institutional investors, and development financial institutions to promote and connect opportunities in Somalia to global investors and partner states for mutually beneficial bilateral investment treaties.’

The investment department notes that Somalia has set out ten priority sectors notably livestock, fisheries, farming, energy, human capital, technology, banking and finance, service sector, manufacturing, transport and infrastructure.