DJIBOUTI CITY, April 8 (Xinhua) -- Experts and policymakers have called on Djibouti to leverage its strategic economic and geographical advantages to advance its economic diversification goals.

This appeal was made during the second edition of the Djibouti Forum, an international business conference aimed at engaging private and institutional investors in transforming the country's economy.

The forum, held from Sunday to Tuesday under the theme "Unleashing Opportunities for Regional and Global Growth," brought together political and business leaders from Africa and beyond, as well as representatives from various international financial institutions.

Speaking at the opening session on Monday, Djibouti's Prime Minister Abdoulkader Kamil Mohamed reaffirmed the country's commitment to promoting peace and security, along with political and economic stability as key pillars for broader socioeconomic development.

The prime minister outlined the Red Sea nation's goals for economic diversification, driven by large-scale investments in renewable energy, the digital economy, tourism, finance, and information and communications technology.

"We are ready to work with all of you -- governments, investors, institutions -- to build a mutually beneficial, inclusive and sustainable future," he told participants.

In recent years, Djibouti has been consolidating its position as a regional logistics and commercial hub. Major infrastructure projects, including the Chinese-built Doraleh Multipurpose Port, the Djibouti International Free Trade Zone, and the 752-km transnational railway linking the Port of Djibouti to landlocked Addis Ababa, Ethiopia, have been praised as vital to the country's socioeconomic development.

Slim Feriani, chief executive officer of Djibouti's sovereign wealth fund, said that Djibouti boasts world-class ports and logistics infrastructure, as well as the potential to develop into a manufacturing and digital hub.

Established in 2020, Djibouti's sovereign wealth fund is designed to co-invest in and hold equity stakes in the country's major development projects.

Feriani said that Djibouti's economic growth could reach around 7 percent annually over the next three years. With the right partnerships and investments, he said that the country could even aspire to what he called "magical growth" of 10 percent.

Citing Djibouti's strategic location at the intersection of Africa, Asia, and Europe, Feriani said the country could tap the potential in renewable energy, logistics, technology, tourism and industry.

According to the African Development Bank, Djibouti's economic outlook remains "favorable," with the gross domestic product growth projected at 6.2 percent in 2024 and 6.6 percent in 2025. Growth is expected to be driven by a revival in port and logistics activities, the dynamism of the transport and communications sectors, and the strengthening of public administration and defense services. Enditem

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