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Somalia’s president urges German firms to invest in “transformative” economic revival
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    Thursday November 7, 202


    Somali President Hassan Sheikh Mohamud meets with Christoph Kannengiesser, CEO of Afrika-Verein, at the German-African Investment Conference in Frankfurt to discuss strengthening economic ties and investment opportunities between Somalia and Germany. / Credit: SONNA

    FRANKFURT, Germany (HOL) — Somalia’s President Hassan Sheikh Mohamud issued an ambitious call to German business leaders at the German-African Investment Conference. Mohamud presented Somalia as a high-potential investment destination, declaring Somalia as “open for business” and ready to welcome bold partnerships.

    The forum, hosted by the German-African Business Association (Afrika-Verein), drew leaders from Germany’s private sector and African governments to explore avenues for expanding trade ties and fostering investment. 

    With Somalia in the spotlight as the guest of honour,  Mohamud urged German firms to “make bold investments” in Somalia, which he described as on a “transformative journey” toward economic renewal. He outlined key sectors ripe for development—including infrastructure, agriculture, renewable energy, and industry—citing Somalia’s untapped natural resources and dynamic workforce as major competitive advantages.

    Accompanied by Somalia’s Planning and Investment Minister, Mohamud Abdirahman, the President stressed that Somalia’s private sector has grown resilient, driven by an entrepreneurial spirit and a readiness to engage with foreign investors. 

    Afrika-Verein CEO Christoph Kannengiesser echoed the call for deeper Germany-Africa ties, encouraging German companies to engage in African markets, which have grown faster than many developed economies in recent years. With over 550 member companies operating in Africa, Afrika-Verein accounts for an estimated 85% of Germany’s business activity on the continent. Kannengiesser spotlighted sectors like infrastructure, renewable energy, and agriculture, emphasizing Africa’s potential as a dynamic market for German enterprises.

    As part of the forum’s theme, “Creating the Ideal Framework to Unlock Trade and Investment Opportunities in Africa,” discussions centred on lowering regulatory barriers and identifying financing mechanisms to support companies entering African markets. The conference also explored risk mitigation measures aimed at attracting further investment to African nations, with a particular emphasis on startups and smaller enterprises.

    President Mohamud stressed the role of international collaboration in addressing key challenges, from climate change to job creation and security. “Somalia is on a transformative journey, one that invites global partners to participate in its renewal,” he stated, inviting German businesses to open up shop in Somalia.

     





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