Riyadh(Mogadishu24)-The President of the Federal Government of Somalia, Hassan Sheikh Mohamud, stated that Africa is ready for potential investment and become a crucial player in global economic development.

In an exclusive interview with Arab News, president Mohamud emphasized Africa’s strategic importance, economic vitality, and abundant resources, positioning the continent as a prime destination for international investment and collaboration.

“There are 54 countries in the African Union, and in the 21st century, Africa is the destination in terms of economic development, in terms if human capital, destination in terms of resources and its location. The whole world is looking, if yesterday it was colonialism and exploitation, in 21st century it is different, it is about partnerships and shared interests,” President Mohamud said.

“Africa has a potentiality, although many Africa countries do not have the necessary resources or the necessary know-how for development but the strategic location, the resources and 70% of the population in Africa are youth, young people and very dynamic. So Africa deserves to be invested in, to have a partnership,” he added.

The president also discussed Africa’s collective efforts to enhance its financial standing through the establishment of a continental free-trade area, which aims to foster economic collaboration among African nations and strengthen ties with the global community.

“Africa is working right now on its financial state. The continental free-trade area we are establishing a free trade are in the whole continent that among African Countries can deal and Africa can deal with the rest of the world,” he said.

He added, “Africa, 54 countries in one continent, in one organisation, the African Union not individual countries. If Africa is individual, it is weak, but collectively it is not weak through the African Union. So they have the right to be in the G20, they have the right to be in the Security Council. Africa has so many rights that they are missing and we are working on.”

President Mohamud noted Somalia’s role as a continental logistic hub, leveraging its extensive coastline, dynamic youth population, and untapped resources to contribute to the region’s growth and development.

“Africa is ready for potential investment among which Somalia among them, having the longest coastline in the African continent, having a very dynamic young people as in the African countries and having ample untapped natural resources in terms of agriculture, food security, minerals, and in terms of which Somalia is destined to become a continental logistic hub to deliver imports and exports in the major landlocked countries in Africa,” president Mohamud said.

He revealed ongoing discussions and dialogues between Somalia and Saudi Arabia regarding investment. He emphasized that Saudi Arabia is a priority partner for Somalia, showcasing the importance of collaborative efforts in harnessing Africa’s potential.

“And we want to share our location, our interest with the rest of Africa and the world. So we have in that line we have a very good relationship, discussion and dialogue between Somalia and Saudi Arabia on the issue of investment. So Saudi Arabia is a priority partner for Somalia,” he stated.

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

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