We’ve lifted barriers to foreign investment, Somalia PM Hamza Barre says
Somalia has removed investment screening regimes that barred capital deployment, allowing foreigners to fully own investments, repatriate capital, and enjoy full protection in the country. This decision, according to Prime Minister Hamza Abdi Barre, aims to attract foreign capital and increase economic growth.
Barre emphasizes that Somalia, despite its challenges, has embarked on a new era focused on attracting foreign direct investment while streamlining business processes. At the Invest Somalia Conference & Expo, he outlined the government's plans to accelerate private sector-led economic growth.
To overcome geopolitical challenges, Somalia has adopted a strategy of decoupling, de-risking, and incentivizing foreign investments. The country aims to present a positive narrative and showcase its potential for entrepreneurship and investment.
The CEO of Nation Media Group (NMG), Stephen Gitagama, highlights the importance of African media in telling the continent's own story. NMG's partnership with Somalia's Ministry of Planning, Investment and Economic Development and the Somalia Investment Promotion Office underscores the commitment to promoting Somalia's business climate.
Gitagama praises Mogadishu's efforts in establishing a favorable environment for investment, including the creation of the Somalia Investment Promotion Office and the introduction of a tax system that encourages economic growth.
Somalia's resilience in the face of adversity has been acknowledged, and it is now seen as a new frontier for entrepreneurship and investment. Its abundant natural resources, strategic location, and youthful population offer untapped potential in various sectors.
Comments (0)