Somalia, United States discuss oil and mineral investment in Mogadishu

The Minister of Petroleum and Mineral Resources of Somalia, Daahir Shire Maxamed, announced that the Federal Government held a high-level meeting in Mogadishu with officials from the United States Embassy in Somalia and American investors interested in Somalia’s oil and mineral sectors, aimed at strengthening cooperation in the development of the country’s natural resources.

According to the minister, the U.S. delegation was led by Acting Ambassador Justin Devil. The discussions focused on encouraging American companies to explore investment opportunities in Somalia, particularly in the petroleum and mining industries.

Minister Daahir Shire stated that both sides agreed to enhance technical cooperation to facilitate the exchange of information and promote investment opportunities available in Somalia. He emphasized the importance of creating a conducive environment for U.S. investment and highlighted the government’s commitment to transparent resource management.

“We discussed how to jointly benefit from Somalia’s natural resources and how to build an investment-friendly climate that encourages American investment in the country,” the minister said.

He added that further technical meetings would be organized involving the Ministry of Petroleum and Mineral Resources, the Ministry of Commerce, and a technical team from the U.S. Embassy to follow up on the discussions and explore practical steps forward.

Describing the meeting as the first of its kind to take place in Mogadishu, the minister said it marked an encouraging step in Somalia’s broader efforts to attract foreign direct investment. He also noted that Somalia presented updates on its resource governance policies and preparations for the second phase of oil and mineral sector development.

For his part, Acting Ambassador Justin Devil expressed confidence in Somalia’s investment potential, while noting that American companies independently determine their investment decisions.

In recent years, Somalia has intensified efforts to attract international investment, citing progress in regulatory reforms and the development of policies governing the management of natural resources.