On Wednesday, a two-day investment conference began in Mogadishu, the capital of Somalia, with the government urging foreign investors to tap the rich resources available in the country.
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The Invest Somali and Expo 2024 conference, organized by the Ministry of Planning, Investment and Economic Development, aims to explore investment opportunities in Somalia and promote economic growth.
In his opening remarks, Somali Prime Minister Hamza Abdi Barre said the conference was an excellent opportunity to discuss the current investment landscape in Somalia, focusing on promoting economic growth and development.
Barre called on both local and foreign investors to take advantage of the existing opportunities which include the debt cancellation by international financial institutions which is a major boost as the country continues with economic recovery after a three decade-long conflict.
"Somalia is a country with rich various resources. Therefore, the government is working hard to attract and encourage international investments that lead the country to economic self-sufficiency and job creation," he told participants.
The event brought together foreign and local investors, businesses facilitators, scholars, entrepreneurs and Somalia friends in diaspora to network and pursue opportunities for investment and rebuilding the country's economy.
Many believe that Somalia's agriculture and aquaculture sectors have significant economic potential. However, efforts to realize this potential are hampered by insecurity and other issues, including the humanitarian catastrophe brought on by the climatic crisis.
According to the World Bank, Somalia's gross domestic product was forecast to rebound to 2.8 percent in 2023 with growth expected to increase gradually to 3.7 percent and 3.9 percent in 2024 and 2025, respectively.