From VOA Learning English, this is the Economics Report.
For years, Somalia has been called a failed state. Piracy, poverty and terrorism have been problems in the country for a long time. But recent improvements suggest that the country is taking steps toward lasting security.
Somali officials say a stronger economy is extremely important to peace. In April, Somali officials traveled to the United Arab Emirates hoping to attract foreign investment.
The event, called The Somalia Investment Summit, was held in Dubai. The goal was to present Somalia as a good place to invest.
Somalia is still dealing with the effects of a 20-year-civil war. Foreign intervention is the main cause of increased security in the country.
Over the past year, African Union troops help drive al-Shabab militants from major cities. And international naval forces have sharply decreased pirate attacks.
But Ali Mohamed Gedi warns that the results of these efforts could be temporary. Mr Gedi is the former prime minister of Somalia's Transitional Federal government. He says poverty must be ended. He says poverty is the reason young people join al-Shabab.
The chairman of the Somali Economic Forum, Hassan Dudde, agrees. He says the pull of illegal activity such as piracy is strong when there are no jobs available.
Although conditions in Somalia are improving, safety threats remain. Somalia lacks a centre government. Corruption is common. And the workforce is largely unskilled. These problems concerns possible investors. Also, there are no secure legal safeguards for foreign investors.
Currently, the United Arab Emirates, Oman and Yemen are the top investors in Somalia.