Somali PM pushes for better relations with private sector

Somali Prime Minister Hassan Ali Khaire called for improved partnerships with private sector to help stabilise the country as global leaders marked the World Economic Forum.

Leading a Somali delegation for the first time to the summit in Davos, Switzerland, Prime Minister Khaire praised Somalia's private sector for helping rebuild the country that was plagued by war.

"Despite considerable challenges, Somalia's private sector has continued to provide critical services in the survival and recovery of the Somali people," he said.

Prime Minister Khaire held bilateral meetings with world leaders and executives of international institutions to safeguard the country's future.

REMITTANCES

One strategy that has facilitated the revamp of the country's economy is diaspora remittances.

During the annual summit that ran from January 23 to 26, speakers highlighted the importance of remittances as vital sources of income for poor people living in East Africa.

Mr Abdirashid Duale, the chief executive of Dahabshiil - Africa's leading money transfer company - said the company will continue to support any agenda that will help improve the livelihood of the impoverished in Africa.

"Dahabshiil will continue working with Africans for Africa's growth.

"We will work towards improving technology in all sectors; be it in agriculture or business so as to help Africans achieve more," Mr Duale said.

POVERTY

Remittances play a significant role in the economies of African nations.

Mr Duale observed that Africa’s success is critical to global stability and international partnerships are needed to build a global consensus on remittances to help fight poverty and displacement.

He further welcomed efforts by the World Bank and the UN to adopt the Global Compact for Safe, Orderly and Regular Migration resolution.

Under the theme "Creating a Shared Future in a Fractured World", the forum attracted powerful leaders in business, politics, finance and media.

PARTNERSHIPS

Additionally, World Economic Forum founder Klaus Schwab said the increasing failure and inability to achieve growth calls for the development of new models for cooperation.

"Our collective inability to secure inclusive growth and preserve our scarce resources puts multiple global systems at risk simultaneously.

"Our first response must be to develop new models for cooperation that are not based on narrow interests but on the destiny of humanity as a whole," Prof Schwab said.