September 11, 2015

Speaking in London, England, the Somali Foreign Affairs Minister, Abdisalam Omar, stated that Somalia in no longer seeking foreign aid, but instead foreign investment, reports Somali news service, the Somali Current.

Mr. Omar noted that the resource-rich country is among the leading livestock and livestock product exporting countries, and that the country has the potential to grow its market if given critical investment.

Mr. Omar, who once headed the central bank of Somalia, told listeners that the country had fallen into a ‘political abyss’ two decades ago, but was now ripe with opportunities.

In its first review of Somalia’s economy in 25 years, the International Monetary Fund (IMF) found that the country’s economy grew by 3.7% in 2014, and Mr. Omar added that growth in 2015 could reach 6%.

In the last quarter of 2015, Mr. Omar seeks to secure investment commitments totaling $500 million, and commitments totaling $1 billion in 2016 noting that Somalia offered an agriculture sector in need of boosting and fishing and aquaculture opportunities in the Indian Ocean.

“I believe that the traditional aid that goes to a developing country … can only go so far,” said Mr. Omar, “We need to invest in our countries so our young children don’t join the terrorists or go to the high seas. Our message to partners and business is clear: invest in Somalia. Don’t give us aid.”