A major international investment forum aimed at attracting investors to Somalia came to an end in Nairobi Wednesday.
The three-day event convened enterpreneurs, investors, sector experts, business development experts and other stakeholders – all of whom are focused on Somalia – to discuss Somali investing and to make investment deals.
Shuraako, the US Embassy, Nairobi, and the World Bank Group co-hosted the Somali Investment Forum. Participants were taken through the business opportunities available in Somalia. The topics of discussion were Renewable energy, Sector-specific opportunities and challenges, Business growth stage, Capital types, Bilateral business support, Business development services, Women in business, Youth in business, Role of business associations among other topics.
According to a Standard report, the investment forum was told that Somali businessmen should lead in rebuilding their war-torn nation through investing in the country.
Speaking at the forum organised by the World Bank and the US Embassy in Nairobi, a group of Somali businessmen and investors said it was necessary to take advantage of the relative peace to invest more in the country. The businessmen, who were discussing better ways of rebuilding the nation said for foreigners to commit funds, locals must lead the way.
Mr. Abdirashid Duale, the Chief Executive Officer of Dahabshil, a leading money transfer firm, said his firm has played a crucial role in helping alleviate poverty by offering loans to the citizens. “Our remittance system has enabled the Somali Diaspora to send money to their relatives, too”
“We have also supported new businesses by providing seed monies and loans,” he said.
According to Lee Sorensen, a director of Shuraako, who together with US Embassy and the World Bank organised the Somali Investment Forum, said a number of prospective investors have pledged in excess of $500,000 of investment capital to help rebuild a healthy Somali environment.
Dahabshiil, represented by the Group CEO, Mr. Duale, and officers of Dahabshiil Bank International, was one of the ‘Scholarship’ co-sponsors of the event, as well as among the institutions that pledged additional support to the Forum.
Participants were taken through the business opportunities available in Somalia. The topics of discussion were Renewable energy, Sector-specific opportunities and challenges, Business growth stage, Capital types, Bilateral business support, Business development services, Women in business, Youth in business, Role of business associations among other topics.
Participants were taken through the business opportunities available in Somalia. The topics of discussion were Renewable energy, Sector-specific opportunities and challenges, Business growth stage, Capital types, Bilateral business support, Business development services, Women in business, Youth in business, Role of business associations among other topics.
Officials of the Somali government urged investors to tap in to the business potential of Somalia especially now that the country is in the process of reconstruction following years of fighting.
All the regions of the country were represented in the forum with each one of them displaying what it had to offer. Somaliland, Puntland, Jubbaland and the entire southern Somalia was represented.
Similar forums were held in Nairobi before and the attendance list has been growing ever since pointing to the fact that investors were now ready to come to the country.
(Source: The Standardmedia, Wacaal news, Somalilandpress, Somtribune)
