Somalia Investment Promotion Office
Government Administration - , Banaadir, Somalia
Somalia Investment Promotion Office Employees
Somalia Investment Promotion Office Details
Since 2012, the Federal Republic of Somalia has experienced tremendous recovery at all levels; governance, political process, and social-economic progress. The economy has been on a strong recovery, showing a steady GDP. Consecutive governments have emphasized the role of investments both foreign and domestic on the economy to strengthen investment institutions and regulatory frameworks to improve investment climate.In 2015, the Federal Government of Somalia enacted the Foreign Investment Law [FIL] which established the Foreign Investment Board [FIB], the highest investment policy making body of the country.The Investment Promotion Office (SOMINVEST) is a statutory body established under Article 6 (sections 1-8) of the Foreign Investment Law of 2015 to: promote foreign investment; rebrand Somalia; facilitate investment entry and retain; and continuously advocate for improved investment policies.The Federal Government of Somalia considers investment as a main economic engine and established the Department of Investment under the Ministry of Planning, Investment and Economic Development (MoPIED) to closely coordinate National Development Plans and strategies with the investment priorities. SOMINVEST, as the National Investment Promotion Office, focuses on sector-specific investor targeting and development of new partnerships to enable sustainable investments in Somalia.
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