SOMINVEST Director, Dubo on what makes Somalia attractive to foreign investors
According to UNCTAD’s 2020 world investment report, foreign direct investment inflows to Somalia reached about $447 million in 2019, up from $408 million in 2018.
Tue, 06 Apr 2021 10:38:11 GMT
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AI Generated Summary
- Somalia's FDI inflows have been on the rise, reaching $447 million in 2019, signaling growing confidence of global investors in the country.
- The diaspora community, which sends significant remittances back to Somalia, plays a crucial role in filling the gap left by declining FDI from other regions.
- Somalia has been implementing investment climate reforms and focusing on key sectors like fisheries, agriculture, energy, and banking to attract more FDI and diversify its economy.
Somalia has been making significant strides in attracting foreign direct investment (FDI) in recent years, with the FDI inflows reaching about $447 million in 2019, up from $408 million in 2018, according to UNCTAD's 2020 World Investment Report. Despite the ongoing instability in the country, Mohamed Dubo, the Director of the Somalia Investment Promotion Office at the Ministry of Planning, Investment, and Economic Development, highlighted the increasing confidence of global investors in Somalia. This surge in FDI is filling the void left by declining FDI in other African countries, as Somalia emerges as an attractive destination for foreign investors. Dubo emphasized that while there has been a decline, Somalia is still ahead of many countries in the region in terms of attracting FDI. The exact figures for 2020 are yet to be released, but Dubo expressed hope that the numbers could be even higher than the previous year. He mentioned that the previous study did not fully capture all the FDI flows to Somalia, as the diaspora community plays a significant role in sending capital and investments back to the country.
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