Despite structural challenges and the COVID-19 pandemic, Somalia’s economy has shown a measure of resilience, attributable to increased private sector activities, particularly in the transport, telecommunications, remittances, export and business services sectors. The latest World Bank Somalia Economic Update projects gross domestic product (GDP) growth to reach pre-COVID-19 levels of 3.2% in 2023 and 3.7% in 2024, thanks largely to improved remittances and aid inflows.
Agriculture is the most important sector, with livestock supporting increased economic activity, typically accounting for more than 50% of export revenue and roughly 40% of GDP. Farming is still a key economic activity, with dried lemon becoming the second-largest crop exported after sesame in the wake of the complete collapse of banana exports. Despite having abundant fish reserves, coastal fishing in Somalia has remained small-scale and artisanal, whereas offshore fishing has been profitable for foreign commercial vessels both legally and illegally. In the last few decades, improvements in Somalia’s ICT and technology environment have increased opportunities in the country’s digital economy. This owes to rapid digitization across the public and private sector spheres.
This high-level forum tackles Somalia’s domestic economic production landscape and will provide delegates with an understanding of the sector’s overall key opportunities—and existing and emerging challenges—with a focus on the use of technologies in the production process. The forum aims to promote sustainable local production and to reduce dependence on imports by boosting Somali exports of quality agriculture and fish, increasing dairy production, and increasing jobs in these key areas.
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LEGAL AND REGULATORY CHALLENGES OF FINTECH IN SOMALIA
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