Somali Group Economics?

[BossmanBoqoor]

I believe we could rise up if our extra income was spent on investing in projects together and building wealth as an community.

The high- earning races in Uk/US like Indians, Chinese own businesses.
Our diaspora in the west are lacking there's more Somali entrepreneurs in Kenya/ Uganda/ South Sudan eventhough they've got less capital to risk.

Changes need to happen ASAP.

 

[Xoolo]

I've been screaming for this idea for a long time.
We can literally overtake startup companies in industry 4.0.
I've been trying to convince Somalis in my city to become early investors in startup companies of industry 4.0.

Also start our own big companies by pooling large capital and invest a few smart Somalis businesses.

I know a guy who wants to revolutionise our remittance industry.
He wants to partner with big banks and ask them large sums of money for Somalis to start big businesses in Somalia. Your family will receive half of what you used to send them and the rest will go payment for the credit.
But his idea was that this should be done in big groups like 40 people who send 700 dollars monthly to Mogadishu, bosaso or Caabudwaaq, these people let's say want to build a factory in their hometown that costs 2 million loan, his company will lend them the money and take a cut from the monthly xawaalad money and maybe ask up to 5% of their income depending on their income.
Such program could make us easily build factories, workshops, service companies, buy heavy machinery for farming and construction.
Imagine how much 1500 business minded Somalis who are willing to build something big come together and borrowed half billion dollars to build a large steel plant in Bosasso, Hargeisa, Beydhabo or in Mogadishu.
I don't even mind if people use qabiil connection to pull off something like this.