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THE SOMALIA ECONOMIC CONFERNECE

May 30, 2023 by in NewsPress Release

KEYNOTE ADDRESS BY

H.E. PRIME MINISTER HAMZA ABDI BARRE

30 MAY 2023

Distinguished guests, Ladies and gentlemen,

  • –  Welcome to the Somalia Economic Conference, a momentous occasion where we gather to unlock the boundless potential of our nation.
  • –  I am honored to stand before you as we embark on this transformative journey together. Let us be inspired by the remarkable progress we have made and the extraordinary opportunities that lie before us.
  • –  The Somalia Economic Conference, along with its flagship events, follows on the successful discussions during the Presidential State visit of H.E. Dr. Hassan Sheikh Mohamud, President of the Federal Republic of Somalia, to Italy earlier this year.
  • –  It also follows on the success of the first Italy – Somalia Business and Trade Forum, held in Mogadishu in 2019, which has showcased the enormous potential for international partnerships with Somali SMEs in various strategic sectors.

Ladies and gentlemen,

  • –  I would like to acknowledge the strong and longstanding ties between Italy and Somalia.
  • –  Historically, Italian companies invested in various sectors, while Italian assistance helped develop vital infrastructure such as roads,

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ports, and irrigation systems. Most significantly, Italy’s support for the agricultural sector contributed greatly to Somalia’s food security and economic growth.

  • –  In recent years, Italy has maintained its engagement with Somalia, focusing on various areas such as security, stabilization, and social development.
  • –  It is also worth mentioning, that the Italian Government has been one of the first significant supporters for our current Stabilization initiatives. For this I thank the tenacity and commitment of ambassador Alberto Vecci, who’s commitment to further strengthening ties between our two countries is also one of the reasons we are all gathered here today.
  • –  Somalia stands ready to strengthen our historic ties, building upon our shared history and forging new partnerships.
  • –  We also hope to see Italy take the lead in supporting Foreign Direct Investment in Somalia and reviving our economy.

Distinguished guests, ladies and gentlemen,

  • –  In the face of adversity, the Somali private sector has displayed unwavering resilience, navigating through post-conflict challenges, droughts, and even the global COVID-19 pandemic.
  • –  Today, we gather to propel our private sector forward, connecting it with international businesses that will be catalysts for growth.
  • –  Allow me to take a few moments of your time to shed light on the remarkable opportunities that await you in Somalia.

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  • The agricultural sector holds promise with more than 500,000 square kilometers of fertile land and favorable climate conditions for crops such as bananas, maize, sorghum, and sesame.
  • The mining industry offers potential through untapped mineral resources, including uranium, iron ore, tin, and gold, which can generate substantial revenue.
  • With over 3,000 hours of sunlight per year, and strong winds along the coastline, Somalia stands as a beacon of opportunity in the realm of renewable energy.
  • A 3,300 kilometers long coastline that is rich with marine biodiversity has potentials for a thriving fishing industry and eco- friendly tourism along our pristine shores.
  • The blue economy, including maritime transportation and port development, holds enormous promise for economic growth and regional integration and connectivity.
  • Additionally,withanestimated40millionheadsoflivestock,the productive sector, holds substantial potential for processing and manufacturing.
  • Ourvibrantandyouthfulpopulationisalsoapotentialsourceof unlimited wealth.
  • And looking ahead, the anticipated completion of the HIPC process further opens up opportunities for Somalia to attract investment, access financing, and implement transformative development initiatives.

Distinguished guests, ladies and gentlemen,

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  • –  In the words of Lee Kuan Yew, “latecomers to industrial development have had to catch up by finding ways of closing the gap”. With your strategic investments, we can replace obsolete practices, bring in cutting-edge technology, and foster best practices that will provide access to new markets, and unlock Somalia’s untapped potentials.
  • –  We recognize that economic development cannot be achieved in isolation. It requires a holistic approach. Our administration has embraced pragmatism, determination, and a long-term vision as we strive for economic development and prosperity in Somalia.
  • –  To achieve our vision, we have emphasized a number of priorities including: Infrastructure Development; 2. Investment in Human Capital; 3. Enhancing the Business Environment; 4. Economic Diversification; 5.Regional Integration and Trade; And 6. Sustainable Development
  • –  Our primary objective, however, is to provide a stable, secure and peaceful environment conducive to economic growth and development.
  • –  The defeat of Al-Shabaab, the resolution of constitutional conflicts and the establishment of a robust governance framework in less than a year, are all testaments to our resilience and determination.

Distinguished guests, ladies and gentlemen,

  • –  The Somalia Economic Conference marks a pivotal moment in our nation’s history. It is a declaration of our commitment to chart a new course towards economic prosperity and a brighter future for all Somalis.
  • –  We invite you to join us on this transformative journey, to invest in Somalia, and to partner with our private sector.

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  • –  To our international partners, I urge you to see beyond the challenges that Somalia has faced in the past. Look at the immense opportunities that await you here. Invest in our industries, transfer your technology and expertise, and be a catalyst for change. By doing so, you will not only contribute to Somalia’s development but also reap the benefits of a dynamic and emerging market.
  • –  To our Somali entrepreneurs and business leaders, I commend your resilience and determination. You have weathered numerous storms and emerged stronger than ever. Now is the time to leverage your potential and take your businesses to new heights. Seek partnerships, embrace innovation, and strive for excellence.

Ladies and gentleman,

  • –  The success of this conference depends on the actions you take after you leave this venue.
  • –  On our part, Somalia is committed to enhancing stability, transparency, and good governance. We are also committed to creating a pro- investment environment that rewards innovation, promotes entrepreneurship, and ensures a level playing field for all.
  • –  Before I conclude, I want to reiterate my gratitude for the generous support of the Government of Italy, UNIDO, and the EU delegation to Somalia as well as all those who have made this conference possible, including the Somali Chamber of Commerce and Industry, and the International Bank of Somalia amongst others.
  • –  Your dedication and hard work are evident in every detail of this event. Make the most of this opportunity to forge lasting partnerships and promote inclusive growth to build a future where Somalia is not defined by its past, but rather by its potential. I thank you all.