https://www.radiodalsan.com/en/wp-content/uploads/2022/11/317384835_503728038450662_8881044728575928651_n.jpg Mogadishu Summit on investment ends with a clear path to explore business opportunities
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Mogadishu Summit on investment ends with a clear path to explore business opportunities
Africa

Mogadishu Summit on investment ends with a clear path to explore business opportunities

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Dalsan Reporter

Somalia has concluded the first ever Somalia international investment conference organized by 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.’

Somalia expressed its readiness for foreign investment while lauding the business community for its resilience and exponential business growth. 

The conference, which entered its second day on Tuesday was attended by both local and international dignitaries.

There were also keynote speeches and panel discussions during the event. Most of the guest speakers agreed on in their speeches the need for urgent international investment in this Horn of Africa State.

President Hassan Sheikh Mohamud who attended the official opening of the summit said Somalia is well endowed with natural resources and a history of resilient entrepreneurship. 

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.

The conference provides a forum for local and international investors and the government to interact and explore business opportunities in the country.

According to the organizer 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.

Prime Minister Hamza Abdi Barre who oversaw the closing ceremony of the two day forum said SOMINVEST has solidified Somalia’s reputation as the region’s top meeting place for companies and investors eager to grow their business and make proven returns on investment in East Africa.

He said the country is attracting a multitude of global investors, Mogadishu recording a rise in interest in the agribusiness, ICT, apparels & textiles, leather and renewable energy sectors.

Somalia continues to roll out a series of measures to enhance the ease and cost of doing business, with the relevant authorities taking major steps to build positive investor sentiment.

The government has focused on sector-specific investors, targeting and developing new partnerships to enable sustainable investments in Somalia.

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By Dalsan Reporter
And
Strategic communication practitioner.