Hargeysa, 14/09/2022 The government of Somaliland hosted the 2022 Somaliland Economic Forum in Hargeisa, the country’s capital, on September 12–14, 2022. The three-day forum drew more than 300 attendees from the government, businesses, local and international organizations, academics, experts, and economists. The main objective of the 2022 Somaliland Economic Forum was to bring together government officials and experts from all walks of life to discuss potential economic policy ideas and solutions to the country’s economic problems.
The 2022 Somaliland Economic Forum released the following statement:
- The forum would like first to express its gratitude to all the participants, stakeholders and experts who took part throughout the course of the three days.
- In order to increase agricultural productivity, the forum recommends prioritizing the availability of water, high-quality seeds, and pesticides to combat agricultural pests.
- The forum recommends for facilitating and streamlining access to capital for the country’s productive sector.
- The forum suggests establishment of National research Center that conducts comprehensive research into issues relating to the sector.
- In light of the importance of data and information, the forum suggests improving the statistics and data relevant to the various sectors of the national economy.
- The forum recommends that the government increase budget for initiatives aimed at boosting the local productive sector.
- The forum proposes incentives for the producing sector while doing in-depth research on the challenges they face.
- The forum recommends Somaliland Development Bank that closely supports the country’s productive sector is to be established,
- The forum recommends for increasing vocational training and education as it recognizes how crucial it is for young people to acquire knowledge and relevant skills to the market.
- The Forum recommends the formulation of economic and trade-related policies and laws.
- The forum recommends the establishment of industrial zones throughout the internal regions of the country.
- The Forum acknowledges the significance of micro, small, and medium-sized businesses to the country’s economy. Therefore, while dealing with international agreements that might affect them, it calls for extra consideration to be given to their economic status.
- The forum recommends accessible and affordable energy.
- The forum recommends for identifying trade and services as the primary economic drivers for Somaliland due to the significance of Somaliland’s geographic position.
- The forum recommends to develop hard infrastructure, including its ports, airports, and roads and bridges.
- The forum recommends the establishment of a Ministry of Economic Development
- The forum recommends increasing society’s financial literacy levels.
- The Forum recommends the strengthening of collaboration amongst Government offices as it acknowledges the significance of inter-agency cooperation among Government offices.
- The Somaliland Economic Forum should continue to take place each year, the forum concludes.
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