Nairobi to end investment on Somalia and communiqué

The two day investment conference on Somalia that kicked off in Kenya capital, Nairobi which will offer a rare window into business opportunities available for rebuilding Somalia is expected to be concluded later today.

This is the first regional investment conference on Somalia held in Nairobi since 1991 for a similar international forum last month held in London.

The Somali Reconstruction and Investment Conference and Exhibition (SORIC) is expected to bring together key policymakers from Somalia and Somaliland, international and regional development organisations to showcase opportunities in the country working to rebuild itself after years of internal strife.

Somaliland Minister for Foreign Affairs Mohamed Omar said his country’s rebirth has created investments opportunities in strategic sectors of the economy including agriculture, transport, energy and fisheries.

“Resumption of peace, stability and democratic governance has opened new business opportunities in Somalia. We have invited the Somali Diaspora and foreigners to come and be part of the nation’s rebirth,” Omar told investors in Nairobi.

The minister noted that lately, foreign direct investments in Somalia have surged against a backdrop of security and establishment of a business friendly legal and policy framework.

“We have strengthened two way trade with Ethiopia while Djibouti has invested heavily in Somalia. Foreign direct investment from Turkey, Egypt, China and United Arab Emirates are at an all time high,” Omar said.

He added that new investors have expressed keen interest in livestock, fisheries and hydrocarbons. “We have signed agreements with foreign companies to explore oil and natural gas in Somalia,” Omar said.

The organizations stated that they are waiting for the Somali Federal Parliament to adopt and give them a green light.

By Midnimo.com

Xafiiska Wararka Midnimo, webmaster@midnimo.com midnimo12@googlemail.com

 

Nairobi to end  investment on Somalia and communiqué

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