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.
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.