SOMALIA / INTERNATIONAL INVESTMENT CONFERENCE
29-Nov-2022
00:04:31
Leaders of the Federal Government of Somalia, its international partners and a cross-section of Somalis gathered in the capital on Monday and Tuesday for the country’s first-ever International Investment Conference–an opportunity for the world to appreciate the progress being made by Somalia on the political and economic front. UNSOM
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STORY: SOMALIA / INTERNATIONAL INVESTMENT CONFERENCE
TRT: 4:31
SOURCE: UNSOM
RESTRICTIONS: PLEASE CREDIT UNSOM ON SCREEN
LANGUAGE: ENGLISH / NATS
DATELINE: 28, 29 NOVEMBER 2022, MOGADISHU, SOMALIA
TRT: 4:31
SOURCE: UNSOM
RESTRICTIONS: PLEASE CREDIT UNSOM ON SCREEN
LANGUAGE: ENGLISH / NATS
DATELINE: 28, 29 NOVEMBER 2022, MOGADISHU, SOMALIA
SHOTLIST
1.Wide shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, standing as the Somalia national anthem plays during the opening of the Somali International Investment Conference in Mogadishu.
2.Wide shot, invited guests standing as the Somalia national anthem plays during the opening of the Somali International Investment Conference in Mogadishu.
3.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, resume their seats during the opening of the Somali International Investment Conference in Mogadishu.
4.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, seated during the opening of the Somali International Investment Conference in Mogadishu.
5.Close up, the President of Somalia, Hassan Sheikh Mohamud listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
6.Close up, the Deputy Special Representative of the UN Secretary-General to Somalia, Adam Abdelmoula listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
7.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
8.SOUNDBITE (English) Hassan Sheikh Mohamud, President of Somalia:
“The world has been supporting Somalia in the last three decades in terms of humanitarian (assistance). Here today, in front of you, I am appealing to the world at large, help Somalia in investment so that Somalia will be free from the scourge of poverty which cascades a lot of other problems, among them extremism. Having a good economy, reducing the poverty level is the ultimate goal of the Somali people and Somali government in the path of reaching a prosperous country.”
9.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
10.Close up, the President of Somalia, Hassan Sheikh Mohamud listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
11.Wide shot, guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
12. SOUNDBITE (English) Hassan Sheikh Mohamud, President of Somalia:
“I cannot overstate the importance of Foreign Direct Investment (FDI) in Somalia’s economic growth strategy. FDI creates jobs, increases the country’s exports, and widens the tax base and revenue for the State.”
13.Wide shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
14.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
15.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
16.SOUNDBITE (English) Adam Abdelmoula, the Deputy Special Representative of the UN Secretary-General to Somalia:
“Somalia has a vast potential for investment which needs to be leveraged and built upon for political stability and the rule of law. The efforts to improve the business environment will require simpler business formation and registration processes and a more streamlined licensing system. Government leadership and collaboration with the private sector is fundamental and crucial. We believe that together with its partners, including the United Nations, Somalia will be able to leapfrog to a brighter future very soon.”
17.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
18.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
19.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, leaving the venue at the end of the opening of the Somali International Investment Conference in Mogadishu.
20.Wide shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials arriving at the closing session of the Somali International Investment Conference in Mogadishu.
21.Med shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials attending the closing session of the Somali International Investment Conference in Mogadishu.
22.Close up, the Prime Minister of Somalia, Hamza Abdi Barre attending the closing session of the Somali International Investment Conference in Mogadishu.
23.SOUNDBITE (English) Hamza Abdi Barre, Prime Minister of Somalia:
“We have established the requisite legal and institutional arrangements to serve you better. The Federal Republic of Somalia enacted and passed the Foreign Investment Law in 2015 and established the Foreign Investment Board as the highest investment policy-making body in the country. This law guarantees that the treatment of foreign investors is equal to that given to domestic investors.”
24.Wide shot, officials in a panel discussion during the closing session of the Somali International Investment Conference in Mogadishu.
25.Close up, a guest listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
26.Med shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials attending the closing session of the Somali International Investment Conference in Mogadishu.
27.SOUNDBITE (English) Mohamed Dubo, Director of the Somalia Investment Promotion Office in the Ministry of Planning, Investment and Economic Development of the Federal Government of Somalia:
“There is a growing need for countries in the region and for Somalia to revisit our traditional value propositions and respond to changing and global demands while maintaining the course of our economic development agenda.”
28.Wide shot, officials in a panel discussion during the closing session of the Somali International Investment Conference in Mogadishu.
29.Close up, a guest listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
30.Med shot, guests listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
31.Wide shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials leaving the venue at the end of the Somali International Investment Conference in Mogadishu.
2.Wide shot, invited guests standing as the Somalia national anthem plays during the opening of the Somali International Investment Conference in Mogadishu.
3.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, resume their seats during the opening of the Somali International Investment Conference in Mogadishu.
4.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, seated during the opening of the Somali International Investment Conference in Mogadishu.
5.Close up, the President of Somalia, Hassan Sheikh Mohamud listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
6.Close up, the Deputy Special Representative of the UN Secretary-General to Somalia, Adam Abdelmoula listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
7.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
8.SOUNDBITE (English) Hassan Sheikh Mohamud, President of Somalia:
“The world has been supporting Somalia in the last three decades in terms of humanitarian (assistance). Here today, in front of you, I am appealing to the world at large, help Somalia in investment so that Somalia will be free from the scourge of poverty which cascades a lot of other problems, among them extremism. Having a good economy, reducing the poverty level is the ultimate goal of the Somali people and Somali government in the path of reaching a prosperous country.”
9.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
10.Close up, the President of Somalia, Hassan Sheikh Mohamud listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
11.Wide shot, guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
12. SOUNDBITE (English) Hassan Sheikh Mohamud, President of Somalia:
“I cannot overstate the importance of Foreign Direct Investment (FDI) in Somalia’s economic growth strategy. FDI creates jobs, increases the country’s exports, and widens the tax base and revenue for the State.”
13.Wide shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
14.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
15.Close up, a guest listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
16.SOUNDBITE (English) Adam Abdelmoula, the Deputy Special Representative of the UN Secretary-General to Somalia:
“Somalia has a vast potential for investment which needs to be leveraged and built upon for political stability and the rule of law. The efforts to improve the business environment will require simpler business formation and registration processes and a more streamlined licensing system. Government leadership and collaboration with the private sector is fundamental and crucial. We believe that together with its partners, including the United Nations, Somalia will be able to leapfrog to a brighter future very soon.”
17.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
18.Med shot, Guests listening to proceedings during the opening of the Somali International Investment Conference in Mogadishu.
19.Med shot, the President of Somalia, Hassan Sheikh Mohamud and other officials of the Federal Government of Somalia, leaving the venue at the end of the opening of the Somali International Investment Conference in Mogadishu.
20.Wide shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials arriving at the closing session of the Somali International Investment Conference in Mogadishu.
21.Med shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials attending the closing session of the Somali International Investment Conference in Mogadishu.
22.Close up, the Prime Minister of Somalia, Hamza Abdi Barre attending the closing session of the Somali International Investment Conference in Mogadishu.
23.SOUNDBITE (English) Hamza Abdi Barre, Prime Minister of Somalia:
“We have established the requisite legal and institutional arrangements to serve you better. The Federal Republic of Somalia enacted and passed the Foreign Investment Law in 2015 and established the Foreign Investment Board as the highest investment policy-making body in the country. This law guarantees that the treatment of foreign investors is equal to that given to domestic investors.”
24.Wide shot, officials in a panel discussion during the closing session of the Somali International Investment Conference in Mogadishu.
25.Close up, a guest listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
26.Med shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials attending the closing session of the Somali International Investment Conference in Mogadishu.
27.SOUNDBITE (English) Mohamed Dubo, Director of the Somalia Investment Promotion Office in the Ministry of Planning, Investment and Economic Development of the Federal Government of Somalia:
“There is a growing need for countries in the region and for Somalia to revisit our traditional value propositions and respond to changing and global demands while maintaining the course of our economic development agenda.”
28.Wide shot, officials in a panel discussion during the closing session of the Somali International Investment Conference in Mogadishu.
29.Close up, a guest listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
30.Med shot, guests listening to proceedings during the closing session of the Somali International Investment Conference in Mogadishu.
31.Wide shot, the Prime Minister of Somalia, Hamza Abdi Barre and other officials leaving the venue at the end of the Somali International Investment Conference in Mogadishu.
STORYLINE
Leaders of the Federal Government of Somalia, its international partners and a cross-section of Somalis gathered in the capital on Monday and Tuesday for the country’s first-ever International Investment Conference–an opportunity for the world to appreciate the progress being made by Somalia on the political and economic front.
“The world has been supporting Somalia in the last three decades in terms of humanitarian (assistance). Here today, in front of you, I am appealing to the world at large, help Somalia in investment so that Somalia will be free from the scourge of poverty which cascades a lot of other problems, among them extremism,” said Somalia’s President Hassan Sheikh Mohamud in his remarks at the two-day event’s opening.
“Having a good economy, reducing the poverty level is the ultimate goal of the Somali people and Somali government in the path of reaching a prosperous country. I cannot overstate the importance of Foreign Direct Investment (FDI) in Somalia’s economic growth strategy. FDI creates jobs, increases the country’s exports, and widens the tax base and revenue for the State,” he added.
President Mohamud highlighted the efforts of his government to create a favourable investment environment to attract foreign direct investment through constitutional governance and stability based on the rule of law and democracy as the country rebuilds after years of conflict.
Held under the theme: ‘Unlocking Sectoral Investments to Accelerate Economic Growth,’ the conference is organised by the Federal Ministry of Planning, Investment and Economic Development, in partnership with the private sector and development partners and is supported by the United Nations in Somalia.
Potential for investment
In his remarks at the opening day of the conference, the Deputy Special Representative of the UN Secretary-General to Somalia, Resident and Humanitarian Coordinator, Adam Abdelmoula, noted that the investment conference was in line with the objectives of the UN in Somalia to achieve the Sustainable Development Goals Agenda 2030, and was aligned with the Sustainable Development cooperation framework between the UN and Somalia (2021-2025).
“Somalia has a vast potential for investment which needs to be leveraged and built upon for political stability and the rule of law,’ the deputy UN envoy said. “Efforts to improve the business environment will require simpler business formation and registration processes and a more streamlined licensing system. Government leadership and collaboration with the private sector is fundamental and crucial. We believe that together with its partners, including the United Nations, Somalia will be able to leapfrog to a brighter future very soon.”
The 2030 Agenda for Sustainable Development provides a blueprint for peace and prosperity for people and the planet, aims to end poverty in all forms, improve food security, achieve gender equality, and empower women and girls, leaving no one behind. Aside from restoring and promoting sustainable use of terrestrial ecosystems, it also aims to combat desertification, stop land degradation, and conserve biodiversity.
Economic revival
The United States Ambassador to Somalia, Larry E. André Jr., who was one of the keynote speakers during the opening of the conference, expressed confidence in Somalia’s full economic revival and noted that the United States supports the partnership between Somalia and international financial institutions.
In recent years, Somalia has normalised its relations with the International Monetary Fund, the
World Bank and other international financial institutions after 30 years outside the international
financial system.
The US Ambassador said that ongoing reforms to have Somalia qualify for debt relief through the Highly Indebted Poor Countries (HIPC) Initiative, will ensure the flow of significant resources to support reconstruction efforts. He added that progress on financial management reforms including anti-money laundering and counter-terrorist financing will lead to more direct international banking and the removal of impediments to the receipt of remittances
With peace and stability returning to Somalia, the country is starting to enjoy international banking and financial services that can link the country to global financial networks for ease of doing business, and also support the growth of local industries.
The Somali diaspora continues to play an important role in providing much needed financial remittances, which are key to boosting economic growth in the trade, hospitality, banking, fishing and real estate sectors.
In the recent past, Somalia has focused on improving infrastructure, regulating import and export standards, accession to international and regional trade mechanisms such as the World Trade Organisation, and the African Continental Free Trade Area (AfCFTA).
The gathering heard that Somalia’s strategic location with the longest coastline in Africa for trade and market access and its endowed natural resources makes the country a prime investment destination with opportunities in priority sectors of energy, ICT, banking and finance, fisheries and agri-business.
In his address at the closing day of the conference, the Prime Minister of Somalia, Hamza Abdi Barre expressed the government’s commitment to implement legislative, economic and security reforms to enhance the ease of doing business and create a favourable investment climate.
“We have established the requisite legal and institutional arrangements to serve you better. The Federal Republic of Somalia enacted and passed the Foreign Investment Law in 2015 and established the Foreign Investment Board as the highest investment policy-making body in the country. This law guarantees that the treatment of foreign investors is equal to that given to domestic investors,” remarked Prime Minister Hamza.
At the end of the conference, the Director of the Somalia Investment Promotion Office in the Ministry of Planning, Investment and Economic Development of the Federal Government of Somalia, Mohamed Dubo, noted that the conference had achieved its intended objective to showcase investment opportunities in Somalia which, if actualised, would boost FDI inflow into the country.
“There is a growing need for countries in the region and for Somalia to revisit our traditional value propositions and respond to changing and global demands while maintaining the course of our economic development agenda,” said Dubo.
“The world has been supporting Somalia in the last three decades in terms of humanitarian (assistance). Here today, in front of you, I am appealing to the world at large, help Somalia in investment so that Somalia will be free from the scourge of poverty which cascades a lot of other problems, among them extremism,” said Somalia’s President Hassan Sheikh Mohamud in his remarks at the two-day event’s opening.
“Having a good economy, reducing the poverty level is the ultimate goal of the Somali people and Somali government in the path of reaching a prosperous country. I cannot overstate the importance of Foreign Direct Investment (FDI) in Somalia’s economic growth strategy. FDI creates jobs, increases the country’s exports, and widens the tax base and revenue for the State,” he added.
President Mohamud highlighted the efforts of his government to create a favourable investment environment to attract foreign direct investment through constitutional governance and stability based on the rule of law and democracy as the country rebuilds after years of conflict.
Held under the theme: ‘Unlocking Sectoral Investments to Accelerate Economic Growth,’ the conference is organised by the Federal Ministry of Planning, Investment and Economic Development, in partnership with the private sector and development partners and is supported by the United Nations in Somalia.
Potential for investment
In his remarks at the opening day of the conference, the Deputy Special Representative of the UN Secretary-General to Somalia, Resident and Humanitarian Coordinator, Adam Abdelmoula, noted that the investment conference was in line with the objectives of the UN in Somalia to achieve the Sustainable Development Goals Agenda 2030, and was aligned with the Sustainable Development cooperation framework between the UN and Somalia (2021-2025).
“Somalia has a vast potential for investment which needs to be leveraged and built upon for political stability and the rule of law,’ the deputy UN envoy said. “Efforts to improve the business environment will require simpler business formation and registration processes and a more streamlined licensing system. Government leadership and collaboration with the private sector is fundamental and crucial. We believe that together with its partners, including the United Nations, Somalia will be able to leapfrog to a brighter future very soon.”
The 2030 Agenda for Sustainable Development provides a blueprint for peace and prosperity for people and the planet, aims to end poverty in all forms, improve food security, achieve gender equality, and empower women and girls, leaving no one behind. Aside from restoring and promoting sustainable use of terrestrial ecosystems, it also aims to combat desertification, stop land degradation, and conserve biodiversity.
Economic revival
The United States Ambassador to Somalia, Larry E. André Jr., who was one of the keynote speakers during the opening of the conference, expressed confidence in Somalia’s full economic revival and noted that the United States supports the partnership between Somalia and international financial institutions.
In recent years, Somalia has normalised its relations with the International Monetary Fund, the
World Bank and other international financial institutions after 30 years outside the international
financial system.
The US Ambassador said that ongoing reforms to have Somalia qualify for debt relief through the Highly Indebted Poor Countries (HIPC) Initiative, will ensure the flow of significant resources to support reconstruction efforts. He added that progress on financial management reforms including anti-money laundering and counter-terrorist financing will lead to more direct international banking and the removal of impediments to the receipt of remittances
With peace and stability returning to Somalia, the country is starting to enjoy international banking and financial services that can link the country to global financial networks for ease of doing business, and also support the growth of local industries.
The Somali diaspora continues to play an important role in providing much needed financial remittances, which are key to boosting economic growth in the trade, hospitality, banking, fishing and real estate sectors.
In the recent past, Somalia has focused on improving infrastructure, regulating import and export standards, accession to international and regional trade mechanisms such as the World Trade Organisation, and the African Continental Free Trade Area (AfCFTA).
The gathering heard that Somalia’s strategic location with the longest coastline in Africa for trade and market access and its endowed natural resources makes the country a prime investment destination with opportunities in priority sectors of energy, ICT, banking and finance, fisheries and agri-business.
In his address at the closing day of the conference, the Prime Minister of Somalia, Hamza Abdi Barre expressed the government’s commitment to implement legislative, economic and security reforms to enhance the ease of doing business and create a favourable investment climate.
“We have established the requisite legal and institutional arrangements to serve you better. The Federal Republic of Somalia enacted and passed the Foreign Investment Law in 2015 and established the Foreign Investment Board as the highest investment policy-making body in the country. This law guarantees that the treatment of foreign investors is equal to that given to domestic investors,” remarked Prime Minister Hamza.
At the end of the conference, the Director of the Somalia Investment Promotion Office in the Ministry of Planning, Investment and Economic Development of the Federal Government of Somalia, Mohamed Dubo, noted that the conference had achieved its intended objective to showcase investment opportunities in Somalia which, if actualised, would boost FDI inflow into the country.
“There is a growing need for countries in the region and for Somalia to revisit our traditional value propositions and respond to changing and global demands while maintaining the course of our economic development agenda,” said Dubo.
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