Al-Shabaab will not derail Somalia's spirit for development, says president
MOGADISHU, Somalia - Despite the unending sabotage by Al-Shabaab militants and other social-economic calamities, Somalia will continue pressing for development by attracting more investors, President Hassan Sheikh Mohamud has said while lauding the country for the progress made so far.
With increased Al-Shabaab attacks, inter-clan conflicts and drought, the country has struggled to change fortunes for over three decades, and the results seem to be positive against all the odds, the president noted. The country now eyes exponential growth by encouraging foreign investments.
At the Somalia International Investment Conference, Hassan Sheikh Mohamud was of the opinion that the country
is well endowed with natural resources and a history of resilient entrepreneurship. Somalia is believed to be having oil and gas which is yet to be exploited to their full potential.
“Somalia’s spirit of enterprise has persisted despite the case of protracted conflict, political infrastructure and climate-related hardship,” the President said. 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.
Hassan Sheikh further noted that his government is determined to eradicate Al-Shabaab militants so that investors can have full trust in the country's security and potential to give them room for growth. In fact, the president is the mastermind of the ongoing crackdown against Al-Shabaab.
This came a day before the World Bank projected Somalia's economic growth at 2.9 per cent for the year 2021, the highest ever in several years. At first, the Ministry of Finance had projected that the growth was to be around 2.4 per cent, but the latest statistics show that Somalia has the potential to get back on its feet.
According to the organiser 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.’
Some of the priority sectors where the country is pushing for investment include livestock, fisheries, farming, energy, human capital, technology, banking and finance, service sector, manufacturing, transport and infrastructure. The government has already shown a willingness to push for investment.