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What the government can do to enhance trade in 2020

Last updated on April 28, 2020

The annual World Economic Forum is set to take place in January, from the 21st to 24th, in Davos, Switzerland. The forum will bring together the world’s leading minds in all spheres of human development (from science and tech to business and entrepreneurship, arts and culture, and to sports among other areas) and this year it meets under the theme: Stakeholders for a Cohesive and Sustainable World.

The forum will run on 4 agendas, of which two are very much in line with the agenda for Somalia as espoused in the ninth National Development Plan (2020-2024).

Davos 2020 agenda: a) How to transform industries to achieve more sustainable and inclusive business models as new political, economic and societal priorities change trade and consumption patterns. b) How to adapt to the demographic, social and technological trends reshaping education, employment, and entrepreneurship.

Ease of Doing Business Rating

The Federal Government of Somalia and private sector players in the country have one major task this year that falls under Davos 2020 agenda (a); how to get Somalia to a more favorable Ease of Doing Business Rating Index. For the past few years, the country has been ranked last in a global list used by industrialists, researchers, investors, and governments across the world to create the policies and strategies that they use to determine where and whom to do business with.

Being ranked last in this World Bank report does no favors for Somalia. In fact, it is an annual government embarrassment, a spectacle that has occurred one too many times.

How easy is it to start a business in Somalia? Can the government make it easier by introducing an expedited process for limited liability companies… or by linking the database of the business registry with the other relevant government databases? How about registering property and getting credit or accessing affordable electricity or enforcing contracts and trading across borders… what can be done to make them friendlier to investors?

Those are some indicators used in measuring the ease of doing business… and if they can be sorted by the government, Somalia’s Davos 2020 agenda (a & b) will be taken care of.

We have these stories and more in the first TSI issue of 2020…. Read on, and welcome to 2020.

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