Somalia, UN Move to Turn Peace Gains Into Economic Growth

GOOBJOOG NEWS | MOGADISHU: Somalia’s National Economic Council (NEC) and United Nations agencies have agreed to deepen work on an initiative aimed at translating improvements in peace and stability into stronger economic growth, investment and job creation.

The discussions in Mogadishu, led by NEC Chairman and Presidential Senior Economic Adviser Hassan Adan Hoosow, focused on the Peaceful Economy Strengthening Initiative, which is aligned with Somalia’s Centennial Vision 2060 and National Transformation Plan.

The NEC presented findings from a nationwide public survey and economic research conducted to identify key challenges and opportunities for Somalia’s economic transformation. The findings are expected to inform further research and policy discussions under the initiative.

The initiative will examine major sectors of the economy and assess how greater stability can create conditions for businesses to expand, attract investment and generate employment.

The discussions come as Somalia seeks to consolidate gains in security and state-building while reducing its dependence on humanitarian and external development assistance.

For years, insecurity, weak infrastructure and limited access to finance have constrained private-sector growth and investment. At the same time, the country has a large and increasingly active private sector, particularly in telecommunications, financial services, trade and other consumer-facing industries.

The government is now seeking to connect improvements in stability with longer-term economic reforms and productive investment.

UN agencies coordinator George Conway welcomed Somalia’s progress in peace and the emergence of new business activity that he said was being supported by greater stability.

The outcome of the meeting was an agreement to continue examining Somalia’s economic sectors through research and policy work, with the aim of identifying practical measures that can accelerate growth and ensure that the benefits of improved stability translate into wider economic opportunities.

The initiative is ultimately intended to link peace, private-sector development and economic transformation within Somalia’s longer-term development agenda.