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Somalia is seeking to attract more foreign investment by showcasing its rich resources and improving its business environment, the director of the Somalia Investment Promotion Office (SOMINVEST) said.
Mohamed Dubo told Turkish news agency Anadolu that his office promotes foreign direct investment, coordinates domestic projects, and supports existing investors. “We start from investment promotion, attraction, and then we facilitate those who want to come and invest in Somalia, and then we support the existing investors in Somalia,” he said.
Appealing to potential investors, Dubo added, “Come and experience Somalia's culture. Come and experience Somalia's economy. Most of the information out there about Somalia might not be true. Come and explore Somalia. It’s a resourceful country.”
He said the top five sectors for foreign direct investment are agriculture, fisheries, livestock, energy and finance.
Dubo said SOMINVEST has a facilitation section to handle inquiries, most of which come from Türkiye. Somali staff fluent in Turkish typically assist investors from Türkiye, who are largely interested in greenfield projects that involve establishing new operations on the ground.
“They want to come to Somalia, invest in Somalia, compared to other nationals who want to establish brownfield investments,” Dubo explained.
Turkish investors are already heavily involved in Somalia’s economy, particularly in contract services. Turkish firms manage Mogadishu Port and Mogadishu Airport, while others operate in construction, processing and manufacturing.
Somalia’s new company law, which allows 100% foreign ownership, has further expanded opportunities for investors, Dubo said.
Dubo credited Turkish President Recep Tayyip Erdogan’s 2011 visit to Somalia—initially focused on humanitarian assistance—with laying the foundation for deeper economic ties. Later visits emphasized development, including Turkish Airlines’ entry into Somali airspace and the arrival of investors.
“The 2016 visit was primarily a development trip,” Dubo said. “Together with him was a sizable number of foreign investors representing various sectors in Türkiye who wanted to come and invest in Somalia. They have an established presence. Most of them are in the construction space. Others are in the service sector.”
He also highlighted the impact of Türkiye’s state-run Ziraat Bank opening a branch in Somalia, which he said has improved financial services and transformed the investment climate.
Dubo acknowledged that Somalia must still improve its legal and regulatory framework, institutional arrangements, and ease of doing business. “We need to improve our national perception towards foreign investors,” he said.
SOMINVEST provides tax incentives as well as non-tariff and non-fiscal support, including visa and work permit facilitation and land allocation, to encourage investors, he added.
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