Somali Diaspora Investment Forum Launched in Mogadishu to Boost Economy

In Mogadishu, the Somali Diaspora Investment Forum kicked off on Saturday. The goal is to figure out how Somalis living abroad can help the country’s economy grow. The forum, put together by the International Bank of Somalia (IBS) and organized by the Ministry of Foreign Affairs and the Department of Diaspora Communities, brought together important government and business leaders, as well as community representatives.

Ahmed Moallim Fiqi, Minister of Foreign Affairs and International Cooperation, talked about how important Somalis living abroad are. Every year, they send about $2 billion back home. That’s about 27% of all the money the country makes and it’s a big help for many families. Minister Fiqi said, “People living abroad are not just there, they’re like ambassadors for Somalia, showing how strong we are.”

Apart from sending money, Somalis living abroad are also starting to invest directly in Somalia. They’re putting money into things like buildings, phones, and banks. This not only creates jobs but also helps build important things like roads and bridges. For example, mobile banking has become really popular in Somalia because of these investments. It’s changed how people manage their money.

Another important thing is that many educated Somalis are coming back to Somalia to work. They bring new ideas and skills that are helping to make Somalia better. They’re working in things like schools, hospitals, and technology companies.

Mr. Abdirizak Ali Warsame, Vice Chairman of the Board at IBS, talked about how Somalis living abroad are helping other countries grow too. He wants them to bring their ideas and skills back to Somalia. “We need their help to make Somalia better,” he said.

During the forum, people will talk about how to make it easier for Somalis living abroad to invest in Somalia. They’ll also talk about how to make things safer and how to use technology to make sending money and investing easier and fairer.

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