Home Industrial Policy
The industries are significant sources of economy. Nations of the world are able to have a healthy economy from each other due to their industrial capacities which the government can utilize in order to earn sufficient tax revenues which can be managed for a country’s economy. Therefore, the western nations have the most advanced industries and it for this reason that they presently exercise the leadership of the world’s economic and political matters.
Somalia, after the collapse of a central government became among the countries without the possession of large industries that can elevate its economy. Despite there being smaller industries invested by business persons, the level of capacity required for production is not enough and lacks the ability to spread throughout the country, and at same time, they are not in possession of an integrated policies nor plans directing industrial policy within the country.
Therefore, in order to increase the speed of development and competition of industries within the country, economic growth and production is essential to obtain a clear policy to elevate the industrialization of Somalia. The Ministry of Commerce and Industries of FRS, has recently been involved in formulating and preparing Somalia’s Industries Policy, which is presently at its final stage.
Furthermore, the objective of Somalia’s Industries Policy, is based on promoting competition and strengthening production, job-creation and to lead the Somali people for prosperity. It will protect domestic production from powerful competition encountered from outside of the country. Also, the policy will work to reform and develop all laws and acts that may concern production, industrialization, investment and marketing in both internally and externally.
Somalia’s Industries Policy will also encourage investment based on production, export and increment of employment in order to upgrade the economy of the Somali nation, and it will pave the way for industrial uprising that takes place in the entire country.
This policy has an enormous significance on Somalia’s economy in general and business as well, and has passed through various stages, a variety of consultation has been made with traders (businesspersons), industrial owners and additionally with different experts and scholars specialized in the field of industrial development.