By Zamzam Daqare. - Reporter
MOGADISHU (Dawan) – 19 Sep — Somalia’s President Hassan Sheikh Mohamud said on Saturday that the government is focusing on creating a favourable investment environment to attract both domestic and international financing.
The president made the remarks while opening the Somalia Development Finance Forum, saying Somalia has moved beyond the earlier stages of reconstruction and is now focusing on strengthening development and attracting investment.
He said international investment cannot come without investor confidence, adding that the government is working to strengthen institutions, security, laws and systems that support business activity.
“International investment will not come if investors do not have confidence in the country. For a country to gain confidence, it needs tools and systems that create and measure that trust,” President Hassan Sheikh said.
The president said the government wants Somalis living abroad who previously moved their wealth outside the country to return their investments to Somalia, noting that many people transferred their assets abroad due to challenges the country experienced over the past three decades.
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He stressed that the economy is a foundation for security, good governance and public services, saying that infrastructure, education, healthcare and other sectors require a strong economy.
President Hassan Sheikh also said Somalia has significant natural resources, including minerals, marine resources, livestock and agriculture, but added that expertise, investment and international cooperation are needed to benefit from these opportunities.
He said the government aims to transform Somalia’s economy from one dependent on imports into one based on production and exports by developing industries, export systems and trade infrastructure.
“There are many opportunities in this country. Somalis alone are not enough to benefit from them. Somalis must play their part, but for non-Somalis to come, we must create that environment,” the president said.
The Somalia Development Finance Forum focused on strengthening the country’s economy, development financing and creating new investment opportunities.