DP World has organised a high level meeting of public and private sector experts on Somalia in order to eliminate the threat of piracy at the source.
Hosted in Dubai in conjunction with the Institute for Near East and Gulf Military Analysis (INEGMA), the global shipping operator held a series of talks in regards to aiding Somalia’s economic future.
The panel, titled “The Business Environment, Regulatory Reform and Key Economic Sectors for Investment in Somalia” stressed the fact that Somalia’s economic landscape has changed dramatically over the past five years.
Speakers noted that the appeal of piracy has dropped significantly, as such; time has come to attract investment, particularly in agriculture and fishing, and in building the capabilities, scope and scale of supporting financial and other institutions.
During his welcoming speech, DP world CEO, Mohammed Sharaf said “Marine piracy grew directly out of the twenty years of turmoil in Somalia and it will only disappear once Somalia’s young people have an alternative future – one that allows them to not just survive, but thrive in safety and feed themselves, to raise a family, to participate in the community.”
“Somalia has a huge diaspora of people who are proudly Somali and in these discussions we are tapping into that talent to generate ideas and actions to help Somalia once more be a strong trading nation connected to the world.”
Panel members also highlighted with a sense of optimism, the important contribution that large numbers of young Somali’s, intent on re-building their home nation, were making on the economy as a whole.
Speaking afterwards, panel moderator Dr. Theodore Karasik, INEGMA director of research and consultancy, said “our more than 30 panelists included representatives from the shipping, financial, telecom and trade sectors, who were unanimous in their optimism for the sustainable long term future of Somalia.
“The discussion identified the strengths that currently exist in Somalia, the opportunities for business both for those in Somalia and those who would like to invest in Somalia, and where the gaps are and how they can be filled.”