Wednesday September 10, 2014
Somalia Economic Forum Managing Director Hassan Dudde (left) and Tanzania's President Jakaya Kikwete (right) consult during the World Bank Summit in Dar-es-Salaam, Tanzania, April 2014.
A socio-economic think-tank, the Somali Economic Forum (SEF), has launched a programme to restore the Horn of Africa country's attractiveness as an investment destination.
SEF aims at attracting foreign investors by promoting the Somalia Brand.
The promoters of the organisation are driven by the desire to inform global financiers of opportunities in Somalia and how they can be exploited to generate employment, wealth and contribute to the stabilisation of the country.
“We need to unchain Somalia from the impression of investment unfriendliness,” said Mr Hassan Dudde, the Chairman and Managing Director of SEF, dropping several tantalising hints about building bridges between entrepreneurs and investors.
Former Somali Prime Minister Ali Mohammed Ghedi expressed joy at being the chief guest during a conference organised by SEF in the United Arab Emirates in April.
Prof Ghedi sees SEF contributing to change the face of Somalia.
“Regarding Somalia’s development, I can see light at the end of the tunnel,” said the former premier.
“This is to replace a formerly held stereotype about Somalia and the wider eastern Africa region, depicting the country and the zone as a place of hunger, terrorism, piracy and incessant conflicts,” he added.
Mr Dudde and SEF’s interim Communications Director Seef Salad were equally optimistic about what the economic forum could do for Somalia and the greater Horn of Africa region.
SEF was established in November 2011 in London, UK as an independent organisation committed to improving Somalia by engaging, among others, all leaders to form regional and industry programmes.
The vast potential
Mr Dudde underlined that SEF was greatly involved in the formulation and implementation of many exciting projects.
“The projects in which we are involved cover several socio-economic sectors, ranging from services, micro-finance to agriculture,” stated Dudde.
SEF was behind the creation of the Somali Investment Summit (SIS), whose two editions have already been held in Nairobi, Kenya and in Dubai, UAE.
The Nairobi edition took place on July 11-12, 2013, and was supported by the East Africa Economic Chamber of Commerce.
The Summit, named SIS 2013, hoped to provide a platform for ministries and government departments to engage with the international and local investors.
It was meant to showcase the abundant investment opportunities available in the country.
The UAE edition was held on April 6-7, 2014., under the theme; ‘Opening Your World to New Possibilities’.
According to the conference organisers, it brought together 250 leaders from the public and the private sectors.
“Like its predecessor, SIS 2014 allowed the convergence of diverse stakeholders to examine the vast potential in Somalia,” said Mr Salad.
Business leaders were united in urging the government and regional authorities in Somalia to create clear legal frameworks, capable of driving investment into the country.
According to Mr Dudde, investors and entrepreneurs were gradually, but surely learning about the benefits of investing in Somalia.
“A wind turbine project which was led by a group of Somalis who attended SIS 2013 has made a deal with Kenya's leading bank, KCB in Nairobi,” Mr Dudde, said.
Despite the numerous challenges, SEF predicts a Somalia soaked with projects, and entrepreneurs falling over themselves to grab the opportunities