MOGADISHU - Ending Somali piracy
requires a shift from reliance on security at sea to targeting
those on land who enable the lucrative business to thrive,
according to the World Bank.
Although the number of attacks has markedly fallen since
2011 thanks to tougher security aboard ships and increased
Western naval patrols, piracy emanating from the lawless Horn of
nation may still cost the world economy about $18 billion
a year, the bank said in a report released on Thursday.
Pirates operate far beyond Somalia
's waters, disrupting
shipping on global routes in the Indian Ocean
and into the Red
Sea. Since the first reported hijacking in 2005, 149 ships have
been seized, raising total ransoms of $315 million-$385 million.