[00:00.00]From VOA Learning English,
[00:02.36]this is the Economics Report.
[00:05.36]For years, Somalia has been called a failed state.
[00:10.01]Piracy, poverty and terrorism have been problems
[00:15.46]in the country for a long time.
[00:17.56]But recent improvements suggest that the country
[00:21.82]is taking steps to a lasting security.
[00:25.43]Somali officials say a stronger economy
[00:29.22]is extremely important to peace.
[00:32.47]Last week, Somali officials
[00:35.07]traveled to the United Arab Emirates,
[00:37.82]hoping to attract foreign investment.
[00:41.27]The event called the Somalia Investment Summit was held in Dubai.
[00:47.72]The goal was to present Somalia as a good place to invest.
[00:53.77]Somalia is dealing with the effects of a 20-year civil war.
[01:00.06]Foreign intervention is the main cause
[01:03.47]of an increased security in the country.
[01:06.32]Over the past year, African Union troops
[01:11.03]helped drive al-Shabab militants from major cities.
[01:16.08]And international naval forces have sharply deceased pirate attacks.
[01:22.27]But Ali Mohamed Gedi warns
[01:25.54]that the results of these efforts could be temporary.
[01:29.68]Mr Gedi is the former prime minister
[01:33.64]of Somalia's Transitional Federal Government.
[01:37.39]He says poverty must be ended.
[01:41.03]He says poverty is the reason young people join al-Shabab.
[01:46.19]"So if we create jobs for them I believe that they'll play a role
[01:50.09]in the stabilization and the security of the continent," said Gedi.
[01:52.83]The chairman of the Somali Economic Forum - Hassan Dudde agrees.
[01:59.33]He says the pull of illegal activity,
[02:02.85]such as piracy is strong when they are no jobs available.
[02:08.16]He says attracting investment to Somalia now,
[02:12.50]while security is improving, is very important.
[02:17.15]"I think what the international organizations
[02:19.56]and the international community is starting to realize
[02:21.77]is that bringing troops to Somalia
[02:23.97]will not be the answer to this problem.
[02:26.67]When people have jobs and a better life
[02:30.37]they will be less likely to get in trouble," Dudde said.
[02:33.11]Although conditions in Somalia are improving,
[02:37.43]safety threats remain.
[02:39.73]Somalia lacks a central government, corruption is common,
[02:45.62]and the workforce is largely unskilled.
[02:49.62]These problems concern possible investors.
[02:54.11]Also there are no secure legal safeguards for foreign investors.
[03:00.91]Hirsi Dirir is Chief Executive Officer of the Dahabshil Bank,
[03:07.71]which operates 130 businesses in the country.
[03:12.37]"Investors are a bit afraid of going into situations like that,
[03:17.47]but there's a huge opportunity," noted Hirsi Dirir.
[03:19.47]Somali officials are preparing legislation
[03:23.31]to create investment safeguards.
[03:25.90]And increased security has led a growing number of foreign investors.
[03:32.06]Currently, the United Arab Emirates,
[03:35.55]Oman and Yemen are the top investors in Somalia.
[03:41.16]And that is the Economics Report from VOA Learning English.
[03:47.54]Find more of our programs at 51voa.com.
[03:55.29]I'm Mario Ritter.