His Excellency Prime Minister Abdi Farah Shirdon today signed a foreign investment law and said Somalia was “ready to do business with the world”.
The draft legislation, prepared by the Ministry of Commerce and Industry with government lawyers, sets the framework for foreign investment. The Prime Minister welcomed the progress, saying laws were the foundations of a functioning state.
“For obvious reasons we have been starved of foreign investment for decades. Anyone looking at our economy today knows how much we need it in all sectors,” the Prime Minister said. “Investors need a secure legal framework and that is what we will provide. I now call on parliament to scrutinize and debate this legislation and get it onto our statute books in good time, recognizing the need for Somalia to receive foreign investment as a strategic priority.”
The legislation, approved by Cabinet, now goes to parliament, where Mohamoud Ahmed Hassan, Minister of Commerce and Industry, will be questioned by legislators and a committee will conduct a line-by-line examination and provide additional detail on procedures.
“Today is a new beginning. It is a sign of many positive things. The draft legislation shows a government hard at work to bring benefits to the Somali people. Sending it to parliament for debate shows a young democracy holding a government to account. Now we need to complete the process, pass the legislation and start delivering the services businesses need to invest in Somalia.”