SOMALIA AND ITS POTENTIAL FOR BUSINESS AND TRADE
Somalia is increasingly repositioning itself on the road for development- despite some cases of disturbances caused by negative elements in the society such as terrorist group of Al-Shabab. The group tries to intimidate society by targeting innocent community members struggling to make ends meet. However this has not hindered daring and willing industrious Somali people to engage themselves in trade as it is the only reliable source of income at individual levels.
This has been achieved over time. Thanks to the valiant men and women of the ATMIS, the International Community and the Somali Federal Government.
Mogadishu and other major cities of Somalia are increasingly beaming with commercial activities. Medium and small business/trade are flourishing and the locals have mastered the situation and are taking advantage of the prevailing peace in the country specially in Mogadishu for their social political and economic emancipation.
What is encouraging is news from experts that Somalia’s economy is rapidly growing and its built on a strong trading relationship with the world as well as Liberal Investment policies that accommodate all investors interests who are contributing to the national dynamic private sector.
Somalia’s potential lies in its open offers of business opportunities for investment especially in its farming sector, as its currently heavily import dependent on food including raw Sugar 91%, Rice 5.8% Pasta 3% and other related commodities.
This situation is incentive enough for those interested in enhancing the domestic supply chain. Substantially Somali’s natural resources potential lies in areas of livestock, agriculture, fishing and marine, telecommunications, energy, Manufacturing, ICT, Construction and Tourism/Hospitality.
It is of paramount importance to note the fact that Somali population, majority are young/youth and versatile people who are willing and ready to engage in wealth creation. The country also enjoys the longest coastline on the African continent, and it’s strategically located with opportunities for it to become a regional commercial hub.
The service sector development is yet another virgin area of interest and great potential that awaits potential exploration and exploitation. Citizens yearn for better and qualitative education. There is need to modernize and streamline the Somali education system right from foundation through higher education, tertiary and universities. This shall bridge the gap for the much required greater reasonable healthy facilities throughout the nation that are inadequate.
More good news is that the new government of Mogadishu is bent on ensuring implementation of positive and encouraging policies. Policies that facilitate, open and liberal freedom in commerce, trade and investment. Overtime the Somali government in Mogadishu has been rethinking, redesigning and developing commercial/trade supportive mechanisms. Based on well identified legal and policy frameworks. The ministry of planning, investment promotion and economic development in rcollaboration with its affiliated department of Somali Investment Promotion office are mandated to promote foreign investment, provide support and after care services. They are also charged with advocating for better investment climate as well as rebranding Somalia.
Somalia’s Economy is increasingly growing and is built on a strong trading relationship with the world as well as favorable liberal investment which welcome all investors willing to contribute to the dynamic private sector. The nation is committed to encouraging development of sound fiscal policies and economic freedoms. Government plans are aimed at facilitating a steady and dramatic versatile growth rate that will result in improvement of economic and investment environment with the sole aim of easing the process of investment in Somalia and facilitating further favorable trade and prosperity.
Somalia’s Favorable rights of private ownership and freedoms of economic engagements. There are no restrictions on the establishment of private enterprise volume of investment, source of capital marketing products/service or source technology etc. This renders Somalia an attractive business destination for both regional and global firms looking for early market development opportunities.
This conducive business atmosphere is premised on the zeal and wisdom of the new leadership under H.E Hassan Sheikh Mohamud. His excellency specifically asserts that Somalia has unlimited investment opportunities and that his Government is committed to boosting bilateral trade between Somalia and Uganda entrepreneurs. He calls upon all those interested to open up business ventures in Somalia to do so now and take the earliest opening before the field is crowded.
The embassy of the Federal republic of Somalia in Kampala calls on willing members of the Uganda business community to take on the opportunity with open mind and ready to engage with business community in Somalia. The Embassy of the federal Republic of Somalia in Uganda with due Diligence and commitment promises unreserved support and backing for any individual, companies or corporation willing to invest in the country. Special considerations may be available for some lucky early investors for purpose of re-assuring them government support and protection. We shall be able to coordinate and collaborate on the performance on this undertaking. Trade and commercial engagement between the two countries of Somalia and Uganda is guided by an Trade MoU under the auspices of the joint Permanent commission.