MOGADISHU ( Halbeeg News) – The Investment Promotion Office [SOMINVEST] at the Ministry of Planning, -Investment and Economic Development conducted a National Investment Promotion Strategy and Foreign Investor Protection Framework validation workshop with the Federal and Federal Member States representatives on Wednesday.
Representatives from Federal Ministries of; Agriculture, Livestock, Fisheries, Energy, Labor, Finance, Posts and Telecommunications, Public Works, Central Bank of Somalia and Federal Member States; Puntland, Jubbaland, Southwest, Benadir Regional Administration, Hirshabeelle and Galmudug were present.
participants have endorsed both the National Investment Promotion Strategy and Foreign Investor Protection Framework.
“ Validation of National Investment Promotion Strategy and Foreign Investor Protection Framework by investment stakeholders forms the basis for the attraction and retention of high quality foreign investment to Somalia, once the cabinet approves. This will in turn boost Somalia’s economic growth” Said Hassan Farah, Director of SOMINVEST.
SOMINVEST conducted consultations on the National Investment Promotion Strategy and Foreign Investor Protection Framework with Federal Institutions and Federal Member States & BRA on the 24th of July, 2019 and 6th August, 2019 respectively. SOMINVEST has also consulted with the private sector, led by the Somali Chamber of Commerce and Industries [SCCI] on August 7th, 2019.
The first round of consultation and validation of National Investment Promotion Strategy and Foreign Investor Protection Frame work and will now be forwarded to the cabinet for further deliberation and adoption.
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