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By Godfrey Olukya      14-4-2014

Somali business leaders have called on Federal Government to establish
legal framework to ensure Security of Investment

Leading businesses, government officials and International businesses
converged in Dubai  for the second investment Summit hosted by Somalia
economic forum, Africa Press has reported.

The federal Government of Somalia was represented by  Said Ali
Korshel, Who is the minister of Transport and Civil aviation,  Yusuf
Moallim Amin, Minister of ports and Marine Transport and former Prime
Minister of Somalia  Ali Ghedi.

In reassuring the business community,  Korshel said, “Rebuilding the
State of Somalia is our key priority and investment is what our
country needs, this summit shows that Somalia is getting back to its
normality”.

In his keynote address, Mr Hassan Al Hashimi, Vice President Dubai
Chambers of Commerce highlighted the role of Dubai as a gateway to
Africa and the annual Africa Global Business forum was an indication
of the importance of Dubai to Africa. On Somalia Mr Al Hashimi
stressed that the long standing bilateral relation between Somalia and
Dubai. In 2013 trade between the two countries was up to $1.3 Billion
and further security stability in Somalia will see an increase in
this. Mr Al Hashmi said Dubai was home to many successful Somalia
Businesses whose contribution to the society was invaluable.

The summit attracted the attention of International Governments with
the United States Sending their Embassy Staffers from Nairobi whilst
Sweden sent their Diplomats from Dubai and Nairobi.

Hassan Dudde, MD Somali Economic Forum in an interview spoke of his
organisation’s commitment to driving Foreign Direct Investment (FDI)
to Somalia, the summit was a clear indication of these efforts. Mr
Dudde said that over 70 firms attended the forum and was quite pleased
to see the level of interaction that took place at the summit.

Somalia Businesses in one accord voiced concern over security, urging
governments to honour part of their agreement. Investing in general
infrastructure as well as ensuring security stability throughout the
country.

Legal practitioners from Hogan Lovells and Anjawalla and Khana spoke
of the importance of a clear legal framework as a driver to
Investment.

‘Investors need to know where and how to invest, when to take out
their money and who to go to if there is a dispute’ Africa must become
better in establishing this clarity. Mohamed Elgatit – Hogan Lovells
Stated.

The summit highlighted potential in Somalia’s Infrastructure sector,
Agriculture, Energy as well as Telecom.

Mr Samer Khalaf, Director for Africa and Middle East at the Russian
Gazprombank was very pleased to have attended the summit. ‘There is
certainly an interest for Somalia from Gazprombank, we are on the
ground working on due diligence before getting to the real work’’.

PTA bank, the Trade and Development Bank of Eastern and Southern
Africa (PTA Bank) is a treaty-based regional institution, announced of
the recent lifting of sanction against Somalia.  A clear indication of
the bank’s commitment to the region and especially in Somalia’s
Stability.

Somalia’s finance sector is very lucrative, the interest shown by the
financial institutions represented at the summit.

Dahabshiil Bank Ceo, Mr Hirsi Dirir indicated plans to open up banks
in Somalia and Nairobi, other institutions were Chase Bank, IBS and
the recently launched micro finance bank targeting rural farmers,
traders and fishing community in Somalia, Barwaqo Bank.

The summit concluded by calling the Government to play its role in
providing security and infrastructure and from the Government, the
minister reassured the business community that efforts were being done
to ensure security of investment.

The Government stressed that the Investment regulation would ensure
the overall benefit of Somalis as well as Investors.

END

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