Human Capital Sector
It can be classified as the economic value of a worker's experience and skills
Human Capital Sector
A strong, dynamic and empowered labour force is critical in catalysing and driving the transformations required in making Somalia a competitive and growth-oriented country providing quality jobs to her growing labour force.
The ILO estimated Somalia employment to population ratios for Somalia at 41%. The labour force participation rate was estimated at 65.9% and 37.6% among males and females, respectively. Amongst the youth, male youth aged 30-34 years had the highest labour force participation rate of 83.3% compared to females (44.0%). Among the adults, male adults aged 45-49 years and 35-39 years had the highest labour force participation rates at 86.6% and 86.4%, respectively. This was about twice the labour force participation rates for females in the same age cohorts.
Also, the urban population had the lowest labour force participation rate at 40.1% compared to 56.7% for the rural areas.
Investments in skills development brings quick gains to the country’s economy. The key investment opportunities for both domestic and foreign investors is to revamp the technical, vocational education training system; institutionalize internships, industrial attachments and apprenticeships; and promote targeted provision of soft skills within framework of public and private employment services.
Other measures will be promotion of entrepreneurship and entrepreneurship, especially for the youth; enhancing linkages between industry and education and training institutions through the triple helix approach; strengthening labour market information system; and implementing targeted active labour market programmes focused on influencing labour supply, demand and intermediation.
The Somali youth show a great level of optimism and commitment to contribute to the development of the people and the country. All they need is a chance to become drivers for peace and stability so that they can bring sustainable and innovative solutions for the reconstruction, recovery and development of their country.
Youth represent a huge untapped resource for social and economic development in and Somalia. Economic growth and social stability depend on the youth-employment nexus – in other words, on the capacity to generate actual ‘demographic dividend’, by creating skilled and unskilled jobs for the local youth.
Investment Opportunities in HUMAN CAPITAL:
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