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Farmaajo heads for Russia-Africa summit as Somalia seeks international investments

Monday October 21, 2019

MOGADISHU (HOL)- President Mohamed Farmaajo has left Mogadishu to attend the Russia-Africa Summit schedule for 23-24 October in the resort city of Sochi as Somalia seeks to engage international investors for its reconstruction campaign.

Farmaajo will be joining about 46 heads of states and governments from Africa in the first ever Russia-Africa economic forum which will be followed by a heads of states summit hosted by Russian President Vladimir Putin.

According to the Ros Foundation which organizes the event, ‘the forum will be strategically important step towards creating favourable conditions for the development of trade and economic relations between Russia and Africa and will also diversify the forms and areas of Russian-African cooperation.’

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The agenda of the forum according to Ros Foundation will cover the role of Russia’s agenda in Africa and its promotion, Africa’s role in the international financial system, expanding cooperation, export and investment, as well as security challenges.

Somalia is expected to position itself as a key investment destination especially in light of oil licensing rounds as it seeks investments for reconstruction. According to a timetable from the Somalia Oil conference in London early this year, the country will issue its first licenses to oil companies in January 2020.

The forum comes amid increased engagements in Africa by China, US and the European Union with analysts viewing Russia as a late entrant.

Russia’s trade with Sub-Saharan Africa was only $20 billion in 2018 compared to compared with U.S.-Africa trade of $61 billion, Africa-China at $200 billion and EU-Africa at over $300 billion annually.

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