Riyadh(Mogadishu24)-The President of the Republic of Somalia, Hassan Sheikh Mohamud, reiterated Somalia’s commitment to transforming into a global trade and agricultural hub with its vast and unique resources.

Speaking at the Saudi-Africa Economic Conference, the president addressed the country’s situation, particularly opportunities for cooperation, and took a firm stance on supporting the Palestinian civilians, calling for an immediate ceasefire.

“I would like to register the Somali government’s concern about the ongoing situation in Gaza. We call for an immediate ceasefire and humanitarian access to assist the most vulnerable parts of the community. We also reiterate the importance of working towards the realization of a two-state solution at the earliest possible opportunity,” said President Hassan Sheikh Mohamud.

He stressed the longstanding ties and multifaceted cooperation between Somalia and Saudi Arabia, which has led to the progress and prosperity of Somalia, emphasizing the roles Saudi Arabia played in Somalia’s financial reforms and fight against terrorism.

“As a country, we are truly grateful to the Saudi government and people for their successful contribution to our ongoing war against international terrorism at home,” President Hassan stated.

“We also recognize the key role Saudi Arabia played in supporting Somalia’s successful economic reforms, efforts, political stability, and humanitarian response to multiple climate shocks, including the most recent droughts,” he added.

He affirmed Somalia’s commitment to fulfill its full debt relief program, expected to end in December.

President Hassan outlined Somalia’s economic strategy, emphasizing growth through trade, investment, and robust regional and international partnerships. He affirmed the government’s unwavering commitment to fostering a private-sector-led growth model.

“Somalia’s economic strategy is to grow through trade, investment, strong and productive regional and international partnerships. Somalia is strategically located in the Horn of Africa with one of the longest coastlines in the world, a young and entrepreneurial population, and strong digital penetration, footprints, and culture,” the president said.

He added, “Our government is absolutely committed to advancing a private-sector-led economic growth model that rewards investment and enterprises, with the state providing a clear and advantageous environment.”

He expressed Somalia’s positive visions to be global leaders in agriculture, livestock, green energy, and telecommunications, using its rich and unique resources for comprehensive economic development and international excellence.

“Somalia is open for business, Somalia’s resources are abundant, and all major industries are untapped. Going forward, we can truly be among one of the world’s leaders in agriculture, livestock, green energy, and telecommunications,” he stated.

The president further stated that investments in Somalia can genuinely address food security and enhance Saudi-Africa economic prosperity through transport and infrastructure facilities in our strategic location.

This Saudi-Africa Economic Conference aims to explore the potential for economic cooperation between African countries and Saudi Arabia, bringing together finance ministers, businessmen, investment leaders from both government and private sectors, as well as trade federations from Saudi Arabia and African countries.

The Federal Government of Somalia has been proactively involved in regional and global affairs, giving precedence to establishing bilateral ties with neighboring nations, especially in areas such as economic development, maritime activities, security, and defense.

In recent years, it has successfully maintained its financial institutions, drawing international investments and fostering economic expansion.

The implemented financial reforms and achieved macroeconomic stability have significantly contributed to Somalia’s progress in obtaining debt relief, a process anticipated to conclude by December this year.