somalia's economic conference promotes partnership and economic potential

Somalia’s Economic Conference Promotes Partnership and Economic Potential

In the past two days, a gathering of the Somali government, international partners, local entrepreneurs, and foreign enterprises has been held with the purpose of highlighting opportunities for commerce with international companies, which has put the spotlight on Somalia’s economic potential.

“This year’s Somalia Economic Conference takes place during a watershed event in the annals of our nation’s history.” It is a declaration of our commitment to chart a new course towards economic prosperity and a brighter future for all Somalis; we invite you to join us on this transformative journey to invest in Somalia and to partner with our private sector,” the Prime Minister of the country, Hamza Abdi Bare, said at the opening on Tuesday.

George Conway, the Deputy Special Representative for Somalia of the United Nations Secretary-General, voiced his sentiments as he said, “I look forward to seeing tangible results from this conference, especially new business partnerships that will help trigger economic growth for the country in the long term, that will create jobs and economic opportunities, and that will improve socio-economic conditions for all Somali people.”

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In addition, the Deputy Prime Minister of Somalia, Salah Jama, and the Italian Ambassador to Somalia, Alberto Vecchi, were both present, as were representatives from Somali businesses and business organizations. The agricultural and aquaculture industries of Somalia are widely regarded as having enormous potential to contribute to the country’s economy. Despite this, Somalia’s efforts to realize this potential are being hampered by instability and other obstacles, such as the humanitarian situation that has been exacerbated by climate change.

The World Bank’s predictions state that the nation’s gross domestic product will recover to the tune of 2.8 percent this year and then expand to the tune of 3.7 percent the following year. The Federal Government of Somalia’s Ministry of Commerce and Industry, along with the United Nations Industrial Development Organization (UNIDO), were the ones responsible for organizing the Somali Economic Conference. The Italian Agency for Development Cooperation (AICS) provided funding for the event as part of its attempts to improve economic opportunities and job creation in Somalia through the formation of synergies between the private sectors of Somalia and Italy.

“Italian companies are recognized as central actors in the Italian system of development cooperation and play an increasingly important role in the effectiveness of AICS’ interventions.” “Our approach is to promote actions that can effectively lead to co-development and mutual benefits, such as the event we are witnessing today,” Guiseppe Grandi, the head of AICS’ regional office in Nairobi, said to the crowd.

In addition, representatives from the Italian government, the Somali Chamber of Commerce and Industry, the International Business and Security Bank (IBS Bank), the European Union Delegation to Somalia, and the United Nations Development Programme (UNDP) were present at the meeting.

The United Nations Industrial Development Organization (UNIDO) has been conducting considerable work with Somalia’s private sector, primarily focusing on the development of local enterprises and the search for foreign alliances. It has been emphasized that the private sector, which has had to endure the hardships of insecurity, climate shocks, and the COVID-19 pandemic, needs to be better networked with foreign firms for its long-term prosperity.

During his remarks at the event on Tuesday, the Managing Director of UNIDO’s Directorate for SDG Innovation and Economic Transformation, Berger Gunther, expressed the hope that Somali businesspeople will take advantage of the conference and the presence of Italian investors from other countries in order to form new business partnerships.