In today’s global landscape, post-crisis countries face numerous challenges ranging from political instability to social unrest and economic vulnerability. Supporting the private sector development and establishing a robust business ecosystem have emerged as crucial strategies to address these issues. Fostering peacebuilding efforts and enhancing a country’s resilience across economic, social, institutional, and environmental domains pave the way for job creation, sustainable economic growth, and increased connectivity with the international environment, vital to reducing social tensions (Seyle, 2019).
In our latest joint publication with UNIDO, titled “Private sector and business ecosystems development in post-crisis countries” we explored how the rebuilding of Somalia’s political and economic institutions post-crisis is essential for the private sector and business ecosystems development to foster growth. Highlighting EBN’s collaboration with UNIDO through the BIC Africa project.
Within the BIC Somali Programme framework, called “Business Incubators to Support Entrepreneurship and MSME Creation in Somalia,” UNIDO and EBN, through BIC Africa, seek to create and enhance economic opportunities and jobs for young men and women in Somalia through locally available technology-based business incubation services.
UNIDO plays a crucial role in facilitating partnerships and technology adaptation, aiming to drive innovation, modernize traditional businesses, and promote sustainable and inclusive entrepreneurship in Somalia. In line with the UN’s commitment to supporting the private sector development in many countries, including post-crisis countries, UNIDO is collaborating with the European Business and Innovation Centre Network (EBN) in a notable initiative like African Business Incubator Communities (BIC Africa), funded by the European Union. The initiative aims to create a regional network to support business incubators to stimulate entrepreneurship and create new innovative start-ups in Eastern and Southern Africa, specifically focusing on youth and women. UNIDO implements the initiative in Madagascar, Comoros, and Somalia.
BIC Somali is funded by the EU and implemented by UNIDO.