What businesses are Somalias comparative advantage?

[Hilmaam]

What Is Comparative Advantage?​

Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.


When used to describe international trade, comparative advantage refers to the products that a country can produce more cheaply or easily than other countries. While this usually illustrates the benefits of trade, some contemporary economists now acknowledge that focusing only on comparative advantages can result in exploitation and depletion of the country's resources.

 

[Hilmaam]

List top of my mind
1: Livestock sector. Somalias biggest money maker. We have one of the largest lifestock sectors in africa. Our lifestock is also raised humanely and organic which is a something consumers are seeking out more and more now a days. Lots more money to be made in this sector with more investments

2. Fisheries. Growing industry we have africas longest coast line. Lots of issues due to countries stealing our fish, lack of refrigeration, and weak distribution channels. This industry can be huge money make with right investment and emphasis by government

3. Tourism. We have lots of beaches and pristine waters no polluted by industry. We used to have alot of wild life like lions, elephants, and ostriches which would be major attractions but with war and no goverment they dissapeared for the most part. Need to create safety and stability to attrack alot more of the diaspora who are wasting money in places like dubai to get away from cold. We can also attract other africans and foreigners once we build trust and show that country is safe. This is industry in its infant stage that can be huge part of our gdp if we play to our strenghts and bring back safety and respect our wildlife and nature

4. Farming we have great farming potential in the south with year-round warm weather and access to fertile land and rivers. Another industry thats in infatile stage that requires alot of investment. We need agricultural schools, cheap loans for heavy machinery, safety so people will investment time and money and not worry about their hardwork being stolen or taxed by 20 people and goverment

Feel free to add other things yall think can be a core part of our GDP. I left out remittance because I feel like its welfare money just going around in circle, and not wealth created by native somali people.

 

[Hilmaam]

5. martime trade- We have giant economic power in ethiopia that's landlocked if we have common vision and strategy that doesnt undercut each others ports this can be financial boon for somalia

 

[Hilmaam]

6.. Musisc/Poetry/film/theatere. This one people might consider strange but back in 70s and 80's somali artist were huge in east africa. I used to work with old eritrean guy and he used to tell me he loved somali music and artists. You can even find videos of concerts in ethiopa and sudan. Think the war stunted and al shabab stunted alot of our creative folks. ONce safety returns would like us to invest in the arts. Its good for soul of country and it can also bring in money from abraod and help with the tourism by raising our national profile . We can also do great in film not to brag but somali has alot of good looking people we can have many homegrown movie stars

 

[Hilmaam]

@DR OSMAN what you think about this list

 

[Yusuf Abdi Ali Rashid]

7. organ harvesting

 

[hinters]

Camels(and other livestock), frankincense, tourism(once we rebuild of course), using our strategic location, maybe even using the large expanses of desert for solar power.

 

[Hilmaam]

7. organ harvesting

done.your al shabab you get organs sold

 

[Hilmaam]

Camels(and other livestock), frankincense, tourism(once we rebuild of course), using our strategic location, maybe even using the large expanses of desert for solar power.

For sure frankincese has long history in somali. We can produce perfumes, and essential oils and make big money in West. Need factories to increase value of resources and not only sell it raw.

I like the solar power. We have lots of sunlight being in the equator once technology becomes cheap enough we might be able to build powerplants and have cheap green energy for us and export to neighbors.

 

[𝕃𝕠𝕣𝕕 𝕋𝕙𝕣𝕖𝕤𝕙]

Nacala this is blackpill economics. If you have any knowledge about the history of comparative advantage and David Ricardo please throw this colonial nonsense away.

 

[Hilmaam]

Nacala this is blackpill economics. If you have any knowledge about the history of comparative advantage and David Ricardo please throw this colonial nonsense away.

Lol why do you say that shouldn’t we focus on our strengths , what you suggest

 

[Keep it a boqol]

Gold in the North