Published a National Investment Promotion Strategy
24 Sep 2020
On 24 September 2020, the Government of the Federal Republic of Somalia published the National Investment Promotion Strategy (NIPS 2020) to boost domestic and foreign direct investment (FDI). The strategy leverages Somalia’s strategic location, coastline, and resources, focusing on production, import substitution, and export promotion through reforms and private capital mobilization. It aims to reduce reliance on external aid by enhancing private sector growth.
Key targets include attracting $563 million in investments across fisheries ($100 million), livestock ($163 million), and crops ($290 million). Measures include forming the Somalia Investment Promotion Office, hosting an international investment conference, and implementing investment-friendly policies.
NIPS 2020 broadens the previous strategy’s scope, targeting both foreign and domestic investments in various sectors like manufacturing and services. It sets specific investment goals, emphasizes reforms, and promotes public-private partnerships and infrastructure development.
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Type:
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Promotion and facilitation (Investment facilitation )
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