President Hassan Sheikh says Somalia must shift From recovery to sustainable development

President Hassan Sheikh Mohamud has called for a shift in Somalia’s economic priorities from post-crisis recovery towards sustainable long-term development, as the government seeks to attract greater domestic and foreign investment.

The President made the remarks while opening the Somali Development Finance Forum in Mogadishu on Saturday, where he highlighted the role of development finance in supporting the country’s economic transformation.

In his keynote address, Hassan Sheikh described the inaugural investment initiative of the Somali Development and Reconstruction Bank as “an important milestone in Somalia’s transition towards sustainable development” .

The initiative, he said, “represents a move beyond the country’s prolonged focus on recovery and towards building an economy capable of generating sustained investment and growth” .

The President also reaffirmed the government’s commitment to creating a secure and enabling environment for investment, saying Somalia must provide conditions that encourage both Somali and international investors to commit capital to the country.

Somalia has been working to rebuild its institutions and economy after decades of conflict, while seeking to expand private-sector activity and strengthen access to development finance.

The forum brought together stakeholders to discuss the role of finance and investment in supporting Somalia’s development agenda, with the government emphasising the need for stronger partnerships between public institutions, financial institutions and investors.

Mustaqbal