According to a maritime organization, called Oceans Beyond Piracy, piracy in the coast of Somalia costs the world economy around 7 billion dollars. Of these 80 % of all costs are borne by the shipping industries while governments account for 20%. The impact of this maritime crime on Somalia itself is greater since it has greatly hindered the economic development of the country.
The Task Force was established by the Prime Minister, David Cameron, after the London Conference on Somalia in February 2012.
In the last couple of years, merchant shipping has witnessed the introduction of armed guards on ships, especially those transiting the high risk areas affected by Somalian piracy. The International Maritime Organisation (IMO) and various national governments advised the shipping community to follow ‘best management practices’.
A group of 31 Somali judges and prosecutors will travel to the UAE in October for training in holding piracy trials. The workshops are part of a UAE-French initiative to equip the Somali judicial system to try its own piracy cases, rather than relying on other nations to prosecute them.
War-torn Somalia, with its worsening modern-day piracy problems and the growth of Islamic terrorist group Al Shabaab in the country, remains to be a major global security threat and will continue to hold the global maritime industry hostage unless the international community helps this once prosperous African nation, said state leaders who convened in Dubai for the 2nd UAE Counter-Piracy Conference.