SOMALI BUSINESS LEADERS CALL ON FEDERAL GOVERNMENT TO ESTABLISH LEGAL FRAMEWORK TO ENSURE SECURITY OF INVESTMENT.
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Tuesday, April 15, 2014
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| Hassan Al Hashimi of Dubai Chamber (Left), H.E Said Ali Korshel (Midle) H.E Ali Ghedi Former PM, Federal Republic of Somalia |
DUBAI, UAE, April 14, 2014/ -- Leading
Businesses, government officials and International businesses converged
in Dubai on the 6th and 7th of April for the second investment Summit hosted by the Somalia Economic Forum.
The
federal Government of Somalia was represented by H.E Said Ali Korshel,
Who is the minister of Transport and Civil aviation, H.E Yusuf Moallim
Amin, Minister of ports and Marine Transport and former Prime Minister
of Somalia H.E Ali Ghedi.
In
reassuring the business community, H.E Korshel said, “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”.
In
his keynote address, Mr Hassan Al Hashimi, Vice President Dubai
Chambers of Commerce highlighted the role of Dubai as a gateway to
Africa and the annual Africa Global Business forum was an indication of
the importance of Dubai to Africa. On Somalia Mr Al Hashimi stressed
that the long standing bilateral relation between Somalia and Dubai.
In
2013 trade between the two countries was up to $1.3 Billion and further
security stability in Somalia will see an increase in this. Mr Al Hashmi
said Dubai was home to many successful Somalia Businesses whose
contribution to the society was invaluable.
The
summit attracted the attention of International Governments with the
United States Sending their Embassy Staffers from Nairobi whilst Sweden
sent their Diplomats from Dubai and Nairobi.
Hassan
Dudde, MD Somali Economic Forum in an interview spoke of his
organisation’s commitment to driving Foreign Direct Investment (FDI) to
Somalia, the summit was a clear indication of these efforts. Mr Dudde
said that over 70 firms attended the forum and was quite pleased to see
the level of interaction that took place at the summit.
Somalia
Businesses in one accord voiced concern over security, urging
governments to honour part of their agreement. Investing in general
infrastructure as well as ensuring security stability throughout the
country.
Legal
practitioners from Hogan Lovells and Anjawalla and Khana spoke of the
importance of a clear legal framework as a driver to Investment.
‘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 Stated.The summit highlighted potential in Somalia’s Infrastructure sector, Agriculture, Energy as well as Telecom.
Mr
Samer Khalaf, Director for Africa and Middle East at the Russian
Gazprombank was very pleased to have attended the summit. ‘There is
certainly an interest for Somalia from Gazprombank, we are on the ground
working on due diligence before getting to the real work’’.
PTA
bank, the Trade and Development Bank of Eastern and Southern Africa
(PTA Bank) is a treaty-based regional institution, announced of the
recent lifting of sanction against Somalia. A clear indication of the
bank’s commitment to the region and especially in Somalia’s Stability.
Somalia’s finance sector is very lucrative, the interest shown by the financial institutions represented at the summit.
Dahabshiil
Bank Ceo , Mr Hirsi Dirir indicated plans to open up banks in Somalia
and Nairobi, other institutions were Chase Bank, IBS and the recently
launched micro finance bank targeting rural farmers, traders and fishing
community in Somalia , Barwaqo Bank.
The
summit concluded by calling the Government to play its role in
providing security and infrastructure and from the Government, the
minister reassured the business community that efforts were being done
to ensure security of investment.
The Government stressed that the Investment regulation would ensure the overall benefit of Somalis as well as Investors. There was a rallying call too from the Government for 3rd Investment Summit scheduled for next year to be hosted in Mogadishu.
Distributed by APO (African Press Organization) on behalf of the Somali Economic Forum.
Media contact:
Hassan Dudde
Habari Zingine
Mjulishe Mwenzako
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