The Council of Ministers met on September 10 under the leadership of Acting Prime Minister Mahdi M. Gulaid and endorsed the National Investment Promotion Strategy (NIPS).
The document is one of the government’s key strategy formulations.
The Federal Government of Somalia hopes to use it to not only outline but also guide investment opportunities in the East African nation.
Furthermore, it is the brainchild of the Ministry of Planning, Investment, and Economic Development.
Ambassador Gamal M. Hassan, the planning and economic development minister, has been at the forefront in urging his colleagues to adopt NIPS.
The planning ministry indicated that NIPS would help to define productive sectors in the country that are ready for Direct Foreign Investment.
Among the sectors prioritized under NIPS are fisheries, energy, farming, agriculture, and infrastructural development.
Somalia Investment Promotion Office has a critical role to play in the implementation of the five-year strategy.