Somali Financial Transparency and Attraction Foreign Investments

by hanad | Wednesday, Oct 4, 2017 | 1887 views

Transparency of Somali financial system become very strong, The recent years Somali government launched successful measures about the Somali anti-corruption finance system,

today on the Somali government, donor agencies and IMF to take critical steps to address corruption in the delivery of aid to ensure Somali financial assistance reaches those most in need in Somalia.

However, Somalia’s ongoing infrastructure, transparency, to rebuild Somali finance confidences and create complex finance to follow the expenditures of Somalia government and also the government takes a consequence steps to return those millions have displaced from their homes.

The country’s recovery weakened by years of consecutive crises: famine, poor rains and harvests, drought and other natural disasters. Nearly 500,000 thousand people have returned in their home and they got need of life-saving assistance and livelihood support.

The foreign investments attracted Turkish investment negotiation of conditions for access to affect both governments, as noted in the Secure Access to high stability often requires investment expertise to analyze the place and budget making process.

The selection and targeting of aid investments, one of the most commonly acknowledged areas of less risk and corruption within the investment chain, can take place at many levels such as by favoring geographic areas, favoring family and friends, creating investment ‘beneficiaries, and ‘taxing’ beneficiaries of central government.

What’s more, Turkish investment, which has now reached over $ 78 million, has been well investment in Somalia because, unlike other investments, the investment and tourism people is direct. The stringent bureaucracy of international investment of Turkish organizations help projects gets the ground city.

Similar to turkey s dealings on the Somali government , projects initiated by the Turkish government focus on infrastructure as a pathway to constructed, which is apparent by the recent years construction of health facilities, build big malls, shops, roads and restaurant in Mogadishu.

However, the main areas where Turkish investment differ others are in their expected returns; development countries sign contracts trading infrastructure projects for rights to natural resources.

While their projects also rarely involve a transfer of investment to the local population, while their Turkish counterparts pay for seminars in Mogadishu developed investment program to help local business owners gain expertise. In an effort to address national investment concerns, Turkey has even begun strengthen its good relations with Somalia by using to train Somali expertise investment.

Investment Opportunities and recommendations

Recently, I had visited the most of the industries in Mogadishu; I would like to share my view o Somali economy-fisheries, agriculture, agribusiness and livestock are the main dynamic sectors of the Somali economy.

I consult Somali Diaspora to make a major contribution to the Somali economy and livelihoods through investment of the following opportunities.

1-Fishery industry
2-Agriculture investment

These two opportunities are most important economic sectors that can be invested by Somali Diaspora and local community to develop their business.

Abdifatah Dahir Harun
abdifatahhiu@gmail.com

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