By Andualem Sisay Gessesse – Djibouti- Djibouti Forum, international business conference aiming to engage private and institutional investors to transform its economy, kicks off this morning in the capital, Djibouti city.
Themed “the Gateway of Opportunities”, the Forum is opened by Ismaïl Omar Guelleh, President of the Republic of Djibouti, who highlights Djibouti’s 2035 Vision and the country’s commitment to creating an attractive investment climate. As part of its economic transformation plan, Djibouti is now working to diversify its economy from overdependence on its main earner ports to tourism, becoming global financial hub, and digital economy, among others, according to Dr. Slim Feriani, Chief Executive Officer, Djibouti Sovereign Wealth Fund, who believes that Djibouti’s GDP will be doubled within seven years with an average of 10% annual growth if both local and international private investors and institutional investors invested some $3.4 billion.
The financial sector development, among others. “Diversification is at the center of what we are now doing. We call this ‘Developing Djibouti beyond the port’,” said Ilyas Moussa Dawaleh, Minister of Economy and Finance of the smallest nation in East Africa. On average Djibouti has been growing on average annually by 5.6% with $3,600 per capita from some $600 about two decades ago, according to Ilyas.
Located in a very strategic corridor when it comes to global geopolitics, Djibouti has been relying mostly for its income from the port services to its neighbor Ethiopia, which contributes to about 90 percent of Djibouti’s revenue. Green energy, Djibouti aims to transform from port hub to international maritime corridor, according to Ilyas. “We consider Djibouti as public good and global asset,” Ilias said.
Since its independence Djibouti always prioritize the wellbeing of its people and economic stability, according Ismaïl Omar Guelleh. “Your contribution is vital in advancing our vision for Djibouti,” he urged the invited investors. “We as Djibouti are happy and create a situation where people from distance countries meet, collaborate work together build up trust…They will find a country that is stable, happy and a country that welcomes people in a volatile region. A country that likes other people. To know them better to welcome them better. A country that matters,” he said.
This afternoon and over the coming few days the participants of the Forum will be engaged in different discussion related to investing in Djibouti with potential investment areas site visits. Organized by African Business Magazine, and Sovereign Fund of Djibouti, Djibouti Forum is hoped to become an annual investment gathering where business reflect on their progresses and meet with policy makers, among others.