Somalia's economy and ways to improve it

[nanat]

Somalia's economy and ways to improve it

As we know older generation are slowly either dying, moving back home, or unable to send remittance money to their families & relatives in Somalia. Also their children & grand children in most of the time have little to non contact & attachment with the families/relatives in Somalia. So if these older generation are not there to send Xawaalad money, Somalia is doomed wlhi.
We shouldn't ignore this & wait for magic to happen.

The remittance money can be remodeled into a system that can both cover the needs of the families & also fix some issues like food insecurity, high energy cost, poor infrastructure, lack of skilled labour.
The Xawaalad money sent to somalia is huge like $3.5 billion, investment like home/land purchases not included.
Lets say we redirect between 10-25% of it each family can agree how much they can invest into central account.
So let's say we managed to save 15% of the money, that's $520 million annually.
Let's invest the first three years into energy infrastructure and training enough skilled labour in different skills in demand.
Next we should start investing into food production, water infrastructure, give farmers the equipment,skills & resources they need to be self-sufficient. We should also create actual companies that run these businesses in the process to further generate more revenue in the process.
Next we should start investing into manufacturing, give money, attractive taxation to investors who have 60-75 of the capital they need.

Next is the government needs to print local currency so Bankers, FGS & states can keep the dollar, pound & Euro coming in as remittance money.

 

[Mujaahid Rag ah]

It all depends on Somali government, those diaspora kids are raised in a Capitalist way of life, and they don’t give a f of adeers, Abtis, or distinct relatives. However, many of them love their country, they like to see a beautiful country to brag against other minorities. So, this is what the government should do, create a transparent system, stop this vague corruption like a man with $30million under 40, who works for the government and get paid 3k a month with no business ownerships . Create Somalis hedge fund’s company, encourage the diaspora kids to invest with the promised of returns, while making sure the government to protect their money, secondly, create a summer return with
in the diaspora community , whereby the diaspora people can work for the government institutions or train government workers (only those who are very educated, or experts), create a safe heaven for big companies. For example, make a deal with Toyota to train Somali engineers within the next 10 years, the Toyota cars that would have been imported to Somalia should be manufactured in Somalia, and if they agree to this, they willl receive a special treatment for cars sells in the country. Also, monopolise the agriculture sector in the country, while uniting farmers under one institution. I got many ways to develop the country within 20 years.