Mohamud Abdirahman (Beene-Beene)

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Somalia is back on track. Somalia is open for foreign investment. As one of the most resilient and competitive economies in the region, the Federal Government of Somalia wishes to welcome both foreign and Somali diaspora investors to Somalia.

Somalia has worked on balancing its strategies and plans to promote a comprehensive development blueprint by embracing integrated economic policies that raise the competitiveness of both its productive and enabling sectors to the country’s GDP.

The Ministry of Planning Investment and Economic Development, thorough its Investment Promotion Office, is working on a robust Investors and Investments Protection Act 2020 and Investment Promotion Agency Act 2020- Both legislations are meant to strengthen our existing investment regulatory and institutional framework.

Somalia will continue to sustain the investment environment reform by supporting the necessary legal and institutional framework that will enhance its FDI flow. The Ministry of Planning Investment and Economic Development, through the Investment Promotion Office, is aiming to position Somalia as a favorable Foreign Investment Destination.

Similarly, the Ministry of Planning, Investment, and Economic Development have prioritized the development of a favorable investment climate in Somalia’s productive sectors to meet the needs of the country and build a strong production base that will achieve balanced economic growth for Somalia. The improved investment climate is a prerequisite for balanced trade accounts, more jobs for the youth and financing framework for our National Development Plan.

Somalia economy is traditionally an agricultural led-economy. As productive sectors experience a full recovery, enabling sectors are also attracting foreign investment attention. Somalia looks into diversifying and harnessing its blue economy, digital economy as well as its young labor force who are the driving force of the future Somali economy.

I would like to assure the investment community and the Somali diaspora that Somalia has enacted the necessary legal framework and established institutions that will advance investment opportunities in Somalia. As a new frontier of investment Somalia, SOMINVEST, will provide all the necessary investor support. Somalia is open for investment.

Hon. Mohamud Abdirahman (Beene-Beene)

Minister of Planning, Investment and Economic Development- MoPIED

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