Somalian business leaders urged its government to create a clear firm legal framework that will drive investment into the country.
Somalia’s government reassured the business community that efforts were being done to ensure the security of investment in the region.
“Investors need to know where and how to invest, when to take out their money and who to go to if there is a dispute. Africa must become better in establishing this clarity,” Mohamed Elgatit – Hogan Lovells, a Somalian legal practitioner said at the second Somalia Investment Summit in Dubai.
Speakers at the summit comprised of Somalian business leaders, government officials and international businesses representatives.
(WATCH VIDEO: Political and security realities in Somalia part 1 and part 2)
Most officials however gave a clear indication that Somalia was heading towards a path of recovery.
H.E Said Ali Korshel, Somalia’s minister of transport and civil aviation, stated that the summit shows that Somalia is getting heading back to a normal state.
“Rebuilding the State of Somalia is our key priority and investment is what our country needs, this summit shows that Somalia is getting back to its normality,” he said.
Hassan Dudde, managing director of the Somali Economic Forum added that his organisation was committed to driving foreign direct investment to Somlia and that the summit was a clear indication of these efforts. He also stated that over 70 firms attended the forum and was quite pleased with the level of interaction.
Hassan Al Hashimi, vice president of Dubai Chambers of Commerce also highlighted that trade between Dubai and Somalia is on the rise, furthering security stability in Somalia.
In 2013, trade between the two countries totalled 1.3 billion US dollars.
PTA Bank, the trade and development bank of Eastern and Southern Africa, explained that their commitment to lifting sanctions against Somalia was also a clear indication in Somali’s increasing stability.
The country’s finance sector has begun to thrive, with interest by financial institutions on the rise.
(READ MORE: Somalia in need of short term remittance solutions)
Institutions such as Dahabshiil Bank are planning to open up new banks across the region, and IBS investment bank recently launched micro finance banking to target the country’s rural farmers, traders and fishing community.
Somalia Investment Summit 2014 - The 2nd Somalia Investment Summit comes after our last year’s successful summit hosted in Nairobi, Kenya in 2013.
The 2014 Investment Summit themed ‘Opening Your World to New Possibilities’ is once again brought to you by Somali Economic Forum. Over 250 leaders from the public and private sector, international business experts and investors, will converge in Dubai to discuss opportunities, share best practice, forge strategic partnership and showcase Somalia that is ready for foreign direct investment. Together, the political and business leaders will discuss ways of ensuring that Somalia turns its economic growth into real prosperity.
SIS 2014, will offer a platform for the Somali government department and ministries to engage, with both national and international investors and showcase the abundant investment opportunities available throughout the country.
Given the increasing interest in the whole region, now is the time for domestic and international players to examine the vast potential in Somalia. Clearly the Somalia Investment Summit Dubai 2014, is the place to be for those businesses looking to venture into the Horn of Africa and particularly Somalia.
The Summit hosted a day after the Annual Africa Global Business Forum will certainly attract regional and international decision makers, international business community, academics and media.
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