Facilitation of various investments is the key to the economic development of Somaliland

Resolutions reached at the Somaliland Economic Forum 2023 conference at a glance

By M.A. Egge

The conference of the national economic conference Somaliland Economic Forum 2023 that had been going on at the Ambassador Hotel has come to a successful close in Hargeisa.

The conference which was opened by the President of the Republic of Somaliland H.E. Musa Bihi Abdi last Saturday, was aimed at coming up with useful suggestions for adoption that would contribute to the economic challenges in the country. Economic experts were the main participants.

At a glance, the main resolutions brought forth for adoption went as follow:-

1. The conference suggests that the government and the people of Somaliland work together to transform the economy of Somaliland into a service economy in order to accelerate the economic development of the country.
2. Recognizing the role of education, especially technical skills in economic development, the conference calls for special priority to be given to the development of education, especially skills (Human Capacity Development).
3. The conference calls for the government and the people of Somaliland to work together to benefit Somaliland’s economy through the use of technology (Digital Economy).
4. Facilitation of various investments is the key to economic development, so the meeting proposes to solve the bureaucratic obstacles faced by people who want to invest in the country and also the government agencies to have a close cooperation in this regard.
5. The meeting calls for the government and the people of Somaliland to work together to benefit Somaliland’s economy through the use of technology (Digital Economy).
6. Development of Economic Infrastructure (Hard Infrastructure and Soft Infrastructure) is the backbone of Economic Development therefore the conference calls for facilitating the investment in the following economic areas:

• Energy
• Mining and Oil
• Roads
• Water
• Somaliland’s Trade Agreements with Neighboring Countries (Trade and Transit Agreements)
• Technology

7. The conference calls for the strengthening of financial institutions such as banks and insurance companies to play their role in the economic development of the country.
8. The conference calls for the completion of laws that facilitate economic development such as those related to financing.