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More Africa NewsSomalia: government touts national ICT sector investment opportunities

May 19, 2021by myles0

With a weak information and communication technology sector, a country is unlikely to succeed in its digital transformation. Somalia is well aware of this and wants to remedy it. She decided to involve domestic and foreign businessmen.

The Somali government wants to develop its national information and communication technology sector. He decided to encourage national and international private investors to seize the investment opportunities offered by the sector in the country. On May 26, the Invest in Somalia forum will be held for this purpose in Mogadishu. It is jointly organized by the Investment Promotion Office of the Ministry of Planning, Investment and Economic Development, the Ministry of Communications and Technology, and the National Communications Authority.

According to the Investment Promotion Office, the virtual forum will highlight the current state of the ICT sector as a whole, its potential expansion, partnerships and foreign investment incentives developed by the government.

The government of Somalia wants to increase investment in the ICT sector given its importance for the digital transformation of the country it has been incubating since 2019 through the adoption of its very first national ICT development strategy. In Somalia, where several telecom companies operate and where access to telecom services is fundamentally no longer a problem, the targeted investors should rather contribute to the development of various hitherto neglected segments, in particular that of services and equipment.

For Somalia, the entry of new investors into the national ICT sector is a pledge of an additional financial contribution to economic development which will translate into the creation of new jobs and wealth that will benefit the gross domestic product. Investment in ICT also has the potential to support the development of an innovative industry that can make Somalia one of the digital hubs of the Horn of Africa.

Source: Agence Ecofin

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