We want to assist you with Business Ideas in Somalia, get Business Opportunities in Somalia as well as to search for and connect with leading Companies in Somalia. We also provide a list of key Government trade advisors who assist you with doing business in Somalia and other relevant business information on Somalia. Specifically we offer three digital portals that are FREE to use and will be of interest to you…..You can join our Africa Business Community FREE so we can promote your company here. After that if you have a specific investment or business proposition add it to the Africa Business Opportunities Dashboard FREE. Want investment, or to find a business partner, are you selling real estate etc, do you have goods, products or services you want to promote? If so our Africa Business Opportunities Dashboard is for you. View some of the business opportunities uploaded by our Africa Business Community here. Fast growing, more established Somalia companies with experienced management teams looking for investment can add themselves to our closed AFSIC African Investments Dashboard – after you have uploaded information about your investment opportunity we can send it directly into the inbox of many of Africa’s most important investors. To benefit from any of these options join our Africa Business Community today FREE !
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Knowledge
Country overview: Somalia is located in east Africa bordering the Indian ocean and Gulf of Aden. It shares borders with Ethiopia to the west, Djibouti to the north west, and Kenya to the south west. It gained independence through a merger of British Somaliland, which became independent from the UK on 26 June 1960, and Italian Somaliland, which became independent from the Italian-administered UN trusteeship on 1 July 1960 to form the Somali Republic. Its capital is Mogadishu with 18 regional states which serve as administrative divisions. It is a federal Parliamentary Republic with the President sitting as the Head of State and Prime Minister as Head of Government. It runs a bicameral legislative system of government. Somalia has diverse official languages that include Somali, Arabic, English, and Italian language. It is predominantly a moslem country. It has a mixed legal system based on civil law, Islamic (sharia) law, and customary law. It has an area size of 0.638 million sq km.
Demographic Information: Somalia has an estimated population of 11.76 million comprising mostly of younger population (less than 25 years) which makes up about 62.2% of the population, those in the age bracket of 25-64 years makes up about 35.5% of the population and above 65 years age group makes up about 2.3% of the population. Average population density is estimated at 25 inhabitants/km2. In terms of human development indicators, it has a life expectancy of 56.2 years (Women) and 51.8 years (Men).
Broad Economic Overview: Somalia’s formal economy has experienced a near total collapse. Its economy is made up of informal sectors which is made up of Agriculture as well as remittances from abroad. Agriculture accounts for about 65% of the GDP and employs 65% of the workforce. Livestock contributes about 40% to GDP. Remittances from abroad accounts for about 20% of GDP. According to AFDB, Somalia economy grew by an estimated 2.9% in 2019, up from 2.8% in 2018. Somalia is dependent on international aid as political situation remains fragile and insecurity linked to incursions by Al-Shabaab and ISIS insurgents continue to hider effective governance. Somalia currency is Somali Shillings but there is widespread use of US Dollars.
Investment Opportunities: Somalia is still recovering from civil war and is rebuilding the legal framework to attract investments. It’s formalized economic system is yet to expand outside of Mogadishu and a few regional capitals, and within the city as security concerns continue to dominate business. The country’s business environment is one of the most challenging in the world. Access to capital is constrained, electricity supplies are limited, protection of minority investors could be problematic and international investments are few.
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African Development Bank: www.afdb.org
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BBC Africa: www.bbc.co.uk/news/world/africa
Investing in Africa: www.invest-in-africa.co
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Our team has enormous experience living, working and investing in Africa. We have a comprehensive view on investment opportunities in Africa and Africa’s most important investors and we cover all 54 countries in Africa. As such we should be able to assist you on your query on Business Ideas in Somalia. Our experience is evidenced by the success of our annual AFSIC – Investing in Africa event which we believe is the largest annual Africa investment event taking place outside Africa, and one of the most important conduits of investment into Africa. More information on us and our team is available here.