Somalia seeks more foreign investment

(MENAFN) Somalia is aiming to attract more foreign investment, with officials highlighting the country’s abundant resources and welcoming business environment. Mohamed Dubo, Director of the Somalia Investment Promotion Office (SOMINVEST), emphasized the agency’s role in promoting foreign direct investment and supporting domestic projects.

“We start from investment promotion, attraction, and then we facilitate those who want to come and invest in Somalia, and then we support the existing investors in Somalia,” Dubo explained. He also encouraged investors to explore the country firsthand: "Come and experience Somalia culture. Come and experience Somalia economy. Most of the information out there about Somalia might not be true. Come and explore Somalia. It's a resourceful country."

Dubo highlighted Somalia’s rich culture and hospitable society, expressing hope that more Turkish investors would take advantage of opportunities in the country. He identified the top sectors for foreign direct investment as agriculture, livestock, fisheries, energy, and finance.

SOMINVEST operates a dedicated investment facilitation section to handle inquiries, most of which originate from Türkiye. The office has Turkish-speaking staff to engage directly with potential investors, who are typically interested in establishing greenfield projects—new investments requiring a physical presence in Somalia.

By contrast, investors from other countries often prefer brownfield projects, investing without relocating to Somalia. Dubo noted that many Turkish corporations and individuals are already active in the country, particularly in contract services, helping to reshape Somalia’s economic landscape.

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