The first-ever international investment conference in Somalia closes in Mogadishu

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MOGADISHU [SMN] – A two-day international conference organized by the office of investment promotion (SOMINVEST) of the Ministry of Planning and Investment and sponsored by Hormuud telecom, Salaam Somali Bank, BECO, and Buruuj was concluded yesterday in Mogadishu.

 

The conference was the first of its kind to take place in Somalia and was attended by the Somali President, H.E. Hassan Sheikh Mahmoud, H.E. Prime Minister Hamza Abdi Barre, ministers, the business community, and international investors, among other honorable guests.

During the summit, local companies such as Hormuud Telecom, Salaam Somali Bank, Beco, and Buruj participated in panel discussions about investment opportunities in Somalia. They stated that they have invested over $2.5 billion in the country’s core infrastructures in the past 20 years, in sectors like Telecom, Energy, Finance, and Construction to name a few contributing significantly to the reconstruction and development of Somalia.

According to Mohamed Sadiq, the Director of International Relations of Beco electricity company, it has invested $170 million to develop the country’s electricity network. In addition, he mentioned that the company recently signed a contract worth $220 million to invest in green energy.

As for the current electricity prices, the director said “Before the Ukraine war, electricity cost $0.36 per Kwh, but a plan has been put in place to reduce this price to $0.2 per Kwh by 2026”, adding that they now provide efficient, affordable, and reliable electricity to more than half a million households and businesses across Somalia.

H.E. Jama Khalif, Somalia’s Minister of Communications and Technology, who spoke at the conference, remarked that Somalia’s communication sector has grown rapidly, he further stated, “Somalia’s ICT sector has seen significant growth. In 2020, Somalia became the world’s 7th cheapest mobile data behind India, Israel, Kyrgyzstan, Italy, Ukraine & Kazakhstan. 1 GB of mobile data costs $0.5 on average”.

During a panel discussion on the development, reform, and investments in the country’s ICT sector, Mohamed Abdi, ICT Manager of Hormuud Telecom, stated that the company has completed the first phase of its 5G installation in Mogadishu in an effort to further improve the customers’ experience.

Prior to officially closing the conference, H.E. Hamza Abdi Barre, the Prime Minister of Somalia’s Federal Government, praised Somali companies that took huge risks and invested in the country during difficult times. He, on the other hand, welcomed foreign direct investments, stating that Somalia is ready for international investments and offers a variety of opportunities for investment, especially in natural resources and agriculture.

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