info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Report by Macaulay Sombai, macaulay.sombai frontpageafricaonline.com
Monrovia — The National Investment Commission (NIC) has launched the third edition of its investors guide named 'Invest Liberia, featuring several priority sectors of the Liberian economy.
The NIC is the investment generation arm of the government and it seeks to attract and maintain quality investments in all sectors of the Liberian economy.
According to the NIC Chair, Madam Etmonia David-Tarpeh, 'Invest Liberia' provides basic, but thorough information on all that potential investors need to know about investment opportunities in the country and how they can optimize the government's incentive program and legislation governing the investment landscape.
"The agriculture sector profile contains much more detailed sector-specific information on sub-sectors, demonstrating the greatest potential for investment," Madam Tarpeh said.
"As a consequence of the decline in the price of commodities, (rubber and iron ores), the Government of Liberia is looking to diversify the economy so that it is resilient to both internal and external shocks."
Also speaking, UNDP Country Director to Liberia Pa-Lamin Beiya described the NIC newly built website as a step forward but urged the Commission to ensure it functions accordingly
According to previous analysis, Liberia is well known for its opportunities in the extractive and tree crop sectors. The country, however offers a wide range of opportunities in agriculture, energy and more. To help guide entrepreneurs seeking to invest in Liberia, the Liberia National Investment Commission (LNIC) has packaged opportunities in four sectors with immediate opportunities:
Road Transport
○Large scale fleet to service concessionaires
○Small scale trucking business targeting small and medium sized businesses in LiberiaHere are some analysis about the sectors as follows for investors:
Infrastructure :
In Liberia, most of the infrastructure was destroyed by the conflict, or left to fall apart due to insufficient maintenance capacity. Ports, airports, bridges, roads, power-plants, fixed communications, mobile networks, power-plants, sanitation facilities, and electricity and water distribution networks are all either in the beginning stages of rehabilitation, or require major new initiatives.
Agribusiness :
The government is committed to encouraging the rapid growth of the agricultural industry. Prior to the conflict, Liberia was a net exporter of foodstuffs, primarily rice, now it is dependant on imports. Rising food and commodity prices heighten the desire to increase domestic agricultural production. The revival of this sector would be instrumental in providing jobs, returning people to the country, providing food security, and turning Liberia from a net food importer into an exporter. There have been multiple investments and negotiations, the contract for Firestone’s rubber plantation concession has been ratified.
Mining :
The country has extensive reserves of iron ore, gold, diamonds, and other minerals that are proving to be extremely valuable on the international commodity markets. Revenues from iron ore accounted for nearly half of the country’s earnings prior to the civil war. All iron ore mining operations were closed during the period of conflict and the necessary support infrastructure was eroded, infrastructure which is now being replaced. Leading the way is Arcelor Mittal steel, which recently began laying the groundwork for its operations in the Bong mines, including a railway to Port Buchanan and facilities at the port for the loading of the iron ore onto cargo ships.
Oil Sector :
The Gulf of Guinea, stretching from Liberia to Gabon, is a known depository of oil reserves. Ghana is the latest country to announce a significant off-shore oil discovery. Evidence of oil was discovered off Liberia’s shores decades ago, but investment was never forthcoming due to the political instability that plagued the country since 1980.
Opportunities in relation to the oil-sector are expansive, ranging from financial services, shipping, housing and office space, and an array of secondary support services. International investment into this area will range well beyond just the oil exploration and extraction itself, but should incorporate many facets of the Liberian economy.
