Riyadh(Mogadishu24)-The President of the Federal Government of Somalia, Hassan Sheikh Mohamud, discussed Somalia’s vast opportunities for investment and development during the Saudi-Somalia Roundtable Meeting on Sunday, aimed at discussing investment and economic cooperation between the two countries.

The meeting was attended by the Saudi Minister of Investment, Khalid A Al-Falih, and business leaders from the largest companies in Saudi Arabia.

President Hassan Sheikh highlighted the essential role of security, emphasizing the federal government’s significant efforts to establish security, combat terrorist groups, and counter anyone hindering Somalia’s development and international investment.

He underlined Somalia’s strategic location and the coordination between the Somali government and its people, which facilitate economic cooperation and trade with international partners. The President affirmed that the government has enacted effective laws to streamline the investment process.

“The President stressed the role of our strategic location and the ongoing progress of our Somali people in international trade, which will facilitate trade and investment cooperation between Saudi Arabia and Somalia. He also assured that our government has implemented effective laws to create a conducive environment for investment,” said Abdikadir Ali Dige, spokesperson for the Villa Somalia.

The President further pointed out that there is no better time to invest in Somalia, citing joint efforts by the government and the Somali people to support investment.

He commended the initiatives of the Saudi government leaders and economic companies working towards the realization of the economic integration plan between Somalia and Saudi Arabia, which is a lasting solutions to challenges, promote development, eradicate poverty, and achieve the vision of sustainable development.

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 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.