MOGADISHU, Somalia – The Federal Parliament of Somalia held its fourth meeting in the fifth session today, focusing on the second reading of the Investment Bill. The bill, prepared by the Trade and Industry Committee, aims to boost the country’s investment climate.
The session which was a significant development for Somalia’s economic landscape saw intense discussions among parliamentarians, who spent hours deliberating on the bill’s provisions, significance, and budgetary implications. The Minister of Planning, Investment, and Economic Development, Mohamud Abdirahman Beenebene, was present at the meeting.
MP Mohamed Sheikh Nur Osman, Chairman of the Trade and Industry Committee, noted that the bill had passed its first reading and stressed the importance of addressing its budgetary aspects, which were debated extensively by the members.
Second Deputy Speaker Abdullahi Omar Abshirow concluded the session, highlighting the extensive debate on the bill’s provisions. He also announced the imminent formation of a committee tasked with addressing the issue of establishing independent institutions without a budget, with a mandate to report back to the House.
This development marks a crucial step forward in Somalia’s efforts to attract investment and stimulate economic growth. As the bill progresses through the legislative process, it is expected to pave the way for a more conducive investment environment in the country.
