Mogadishu(Mogadishu24)-The Prime Minister of the Federal Republic of Somalia, Mr. Hamza Abdi Barre, opened the Somalia Blue Economy Investment Conference in Mogadishu on Saturday, focusing on maritime trade, innovative fishing technology, and access to financing as key discussion points.

Speaking at the opening ceremony, the Prime Minister underscored the government’s commitment to creating a favorable environment for trade and investment promotion in Somalia. He particularly emphasized exploring the untapped potential of the country’s Blue Economy.

“To effectively boost our economic growth, we must harness our natural resources. The sea presents several opportunities that were previously overlooked, and the world now acknowledges that there are more significant investment prospects beyond fishing alone, leading to the term ‘blue economy.’ To underscore this emphasis, we have renamed the Ministry of Fishing to the Ministry of Fishing and Blue Economy,” stated Prime Minister Hamza.

He highlighted that despite Somalia’s wealth in livestock, agriculture, and maritime resources, conflicts and instability have impeded the country’s economic progress and employment opportunities.

“In this country, we are rich in livestock and agriculture, boasting over 40 million heads of livestock and thousands of farms. Despite having one of the longest maritime boundaries in the world, the majority of our population lives below $2 a day,” he said.

“We need to address why and how this is possible, and it is primarily due to the long-standing instability and conflicts we have faced. We need to change our mentality and strive for transformative progress for our country,” he added.

The Prime Minister urged both local and international business communities to carefully contemplate investments in Somalia’s thriving Blue Economy. He provided reassurance that the Somali government has enacted investor-friendly policies designed to guarantee equal opportunities for all investors.

“The fundamental basis for investment is peace, closely followed by energy. Without peace, the prospect of peaceful investments diminishes, and without energy, industries cannot be operationalized. We urge investors to initiate with a focus on energy, as it paves the way for smoother processes in all aspects. I express my hope that the Ministry of Trade is actively engaged in this matter, recognizing it as our top priority,” said PM Hamza.

This two-days Somalia Blue Economy Investment Conference has brought together representatives from the government, international development partners, and private sector stakeholders, all with a keen interest in Somalia’s promising business landscape.

Somalia has the longest coastlines in Africa with over 3,330 km along the Gulf of Aden to the North and the Indian Ocean to the East and South.