Over the past two days, Somalia has been hosting the Somalia Economic Conference, which aims to showcase the country's economic potential and promote business opportunities with international companies. Prime Minister Hamza Abdi Bare emphasized the significance of the conference in charting a new path toward economic prosperity and invited participants to invest in Somalia and partner with its private sector. 

 

"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,” the country’s Prime Minister Hamza Abdi Bare said at the opening on Tuesday.

 

The UN also expressed its support for the conference, hoping to see tangible results in the form of new business partnerships that would stimulate long-term economic growth, job creation, and improve socio-economic conditions for the Somali people. Attendees included government officials, ambassadors, representatives from Somali businesses, and international organizations. Despite challenges such as insecurity and the climate crisis, Somalia's agricultural and aquaculture sectors are recognized for their immense economic potential. The conference was organized by the Federal Government of Somalia's Ministry of Commerce and Industry in collaboration with the UN Industrial Development Organization (UNIDO) and received financial support from the Italian Agency for Development Cooperation (AICS). The event aimed to strengthen economic ties between the Somali and Italian private sectors. UNIDO has been working closely with Somalia's private sector, focusing on local business development and fostering international partnerships. The conference also included the 2nd Italy-Somalia Business and Trade Forum and the 1st Somalia Private Sector Partnership Meet, providing platforms for networking and establishing new business connections.