Now imagine Hargeisa in a view years time and the rest of the citys in Somaliland danm
The project:
There are many factors that can contribute to a nation’s progress. Amongst these factors are having rich natural resources. Somaliland is not short of valuable natural resources like petroleum, minerals and precious stones. But we know that in order to exploit these valuable natural resources we need money, and a lot of it.
Exploring and drilling petroleum requires hundreds of millions of dollars. As we cannot raise such large sums of money immediately on our own, we need foreign investments. When the foreigners come and invest money in this country, they will help to process our natural resources. This will mean that many local people can be employed and get income. With this income, they can provide food and education for their children and they can purchase goods, which in turn will create business for our people. The profits made by the foreign investors and local business men will be taxed by the Government, and the government can then use this money to build schools, hospitals, roads, supply water and electricity to the public. When our children become more educated, they can further contribute to the economic growth of this country. The present government is taking great effort to encourage foreign investments by offering great incentives for foreigners to invest in this country in whatever form. However, the Government’s effort alone will not be enough. The private sector also has a major role to play. Good hotels, modern financial infrastructures like banks, communication and other facilities are critical for any foreigners who wish to invest here.
This project represents a case of partial foreign investment, both in terms of finance and technology. This project will not only directly contribute to the physical development of our city, but is also a tremendous confidence booster to other potential foreign investors. This project will also provide economic and business opportunities to the surrounding population by employing local villagers to provide labor and materials. It will be an eye opener and generate interest amongst outsiders to invest in Somaliland. As this project involves parties from Malaysia and Korea, there will also be beneficial transfer of knowledge or transfer of technology from our foreign partners to local Somaliland people.
This project is also important to the nation because the housing industry is usually one of the leading industries in the development of any economy. It is hoped that in the long term this project, and similar projects that may be emulated, will help pave way for the development of modern financial infrastructure in the country through the development of financial facilities to both builders (bridging finance) and house purchasers (housing loans or mortgages).
