Somali Diaspora Investment forum in Mogadishu aims to boost National Economy..

The Somali Diaspora Investment Forum was launched in Mogadishu on Saturday and aims to investigate the diaspora’s role in the country’s economic development. The forum, sponsored by the International Bank of Somalia (IBS) and organized by the Ministry of Foreign Affairs alongside the Department of Diaspora Communities, attracted key government and business leaders, as well as community representatives…

Minister of Foreign Affairs and International Cooperation, highlighted the significant role of the Somali diaspora, who contribute approximately $2 billion annually in remittances—accounting for about 27% of the nation’s GDP and serving as a lifeline for many families. “The diaspora are not just overseas residents but ambassadors of Somali resilience and progress on the global stage,” Minister emphasised.

Beyond remittances, the Somali diaspora is increasingly involved in direct investments across various sectors of the economy, including real estate, telecommunications, and finance. This influx of capital has not only created thousands of jobs but has also led to the development of critical infrastructure. The growth of mobile money platforms and financial services tailored to the Somali market are prime examples of diaspora-led innovations that have had transformative impacts on the local economy.

Another pivotal aspect of the diaspora’s impact is the return of skilled and educated Somalis from overseas. These individuals contribute global perspectives and expertise, essential for modernizing Somalia’s workforce and enhancing the capabilities of various institutions. The education, healthcare, and technology sectors have greatly benefited from this influx of knowledge and skills, often channelled through both formal initiatives and informal networks.