Kenya will host the first investment conference for Somalia in June to showcase opportunities that exist in the Horn of Africa nation, organizers said on Thursday.
"Somalia's political leadership has taken bold steps towards political stability which is crucial for this country, it is evident that the structures for doing business in Somalia are slowly coming to play and the opportunities for rebuilding this great nation are many to interested parties," Hassan Dudde, Managing Director of Somalia Economic Forum said in a statement issued in Nairobi.
Somalia is undergoing a peace and national reconciliation process, with landmark steps to end the country's nine-year political transition period and the resulting security vacuum which rendered Somalia a lawless State.These steps included the adoption of a Provisional Constitution, the establishment of a new Parliament and the appointments of a new President and a new prime minister.
Many investors have already expressed interest in establishing businesses in Mogadishu, Somalia's capital city to follow in the footsteps of Coca-Cola, Turkish Airlines, Africa Oil, Range Resources and SKA who have all recently set up offices in the Horn of Africa nation. Companies are currently traveling to the country to ascertain the prospects of doing business in Somalia as the financial rewards are huge for those who are first to establish themselves in Somalia.
Somalia, once one of Africa's leading exporters of banana and livestock had been torn by years of civil strife, forcing most agriculturally productive communities into displacement and exile.
The summit has been endorsed by the Eastern Africa Economic Chambers of Commerce which lobbies for intra-Africa trade and sees Somalia as a strategic business partner for regional businesses. SIS will provide a platform for ministries and Somali government departments to engage with international and local investors to showcase the abundant opportunities available in the country.
Participants will have the opportunity to share knowledge, explore current challenges and examine the most prominent investment opportunities in Somalia.