Oil discovery offers ‘hope’ for investment in Somalia – Finance Minister

Silhouette of oil platform in sea against moody sky at sunset09 October 2013, London – Somali Minister of Finance and Planning Mohamud Hassan Suleiman says oil and gas discovery in the country has offered hope investment as he encouraged foreign investors to “seize the opportunity” to invest in Somalia.

He spoke during the Somalia Oil and Gas Summit in London.

“The discovery of oil and gas in Somalia opens up an array of hope and opportunities for the new Somalia, enabling it to influence the pace of economic recovery and the future stability of the country,” Suleiman said. “International investors and multi-national corporations are turning their attention to Somalia and we must now seize the opportunity and work with them.”

Suleiman added that the government recently revised the Investment Law to make Somalia “investment friendly”, while at the same time ensuring that a fair portion of profits from the industry are re-invested in the country’s economic growth.

– Sabahi

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