Monrovia –The Liberia Special Economic Zones Authority (LSEZA) On Wednesday July 31, 2024 officially launched the Special Agro-Processing Zone (SAPZ) project, funded by the African Development Bank (AfDB), at the Monrovia Industrial Freezone Compound, Star Base, Bushrod Island.
The project aims to foster inclusive and sustainable agro-industrial development in Liberia, reducing the country’s dependence on staple food imports, generating employment, and alleviating poverty through sustainable agricultural practices and private sector investment.
The SAPZ project is a strategic initiative designed to spur economic growth in Liberia by focusing on value-added agricultural activities. By creating favorable conditions for private sector engagement and foreign direct investment in the agriculture sector, the project aims to significantly reduce poverty and unemployment. Initially, the SAPZ will operate on 200 hectares within a 631-hectare Special Economic Zone (SEZ) in Buchanan, Grand Bassa County.
The launch event featured a Domestic Trade Exhibition and remarks from key stakeholders, including representatives from the Liberia Special Economic Zones Authority (LSEZA), the National Investment Commission (NIC), the African Development Bank (AfDB), and the private sector. Distinguished speakers included Madam Josephine Francis, President of the Farmers Union Network, and Vice President Jeremiah Kpan Koung, who served as the Chief Launcher.
Speaking on behalf of the President of Liberia, Vice President Koung commended the initiative, emphasizing the critical need for increased investment in the agriculture sector. He reiterated the government’s strong support for the Liberia Special Economic Zones Authority (LSEZA) and praised their efforts in contributing to Liberia’s economic development.
The Vice President also underscored the importance of moving beyond planning to actionable implementation, urging all stakeholders to intensify their efforts. He extended his gratitude to the agriculture sector, international organizations, and donor partners, calling for their continued collaboration in driving the successful implementation of the SAPZ project.
Executive Chairman of LSEZA, Mr. Prince A. Wreh, expressed his sincere appreciation to the Government of Liberia for its unwavering support since the inception of LSEZA. He reaffirmed his commitment to advancing the President’s vision and acknowledged the invaluable contributions of partners, including the World Bank, USAID, UNDP, and specifically the African Development Bank, which provided $19.4 million in funding for the establishment of the SAPZ in Buchanan. Mr. Wreh highlighted the importance of continued partnerships in achieving shared goals.
The Country Director of the African Development Bank reaffirmed the organization’s full support for the SAPZ initiative, urging the government, development partners, and the private sector to view the agricultural sector as a vital component of the broader agribusiness landscape. He emphasized the transformative impact that agribusiness can have on the nation’s economy and the well-being of its people.
Madam Josephine Francis, speaking on behalf of the private sector, emphasized that agro-processing is pivotal to unlocking Liberia’s economic potential. She noted that by adding value to agricultural products such as cocoa and coffee, businesses can significantly boost exports, enhance trade competitiveness, and create job opportunities. Additionally, the SAPZ will provide Afro-Afro-businesses with access to new markets, infrastructure, and operational support, thereby improving product quality and driving business growth.
This launch marks a significant milestone in the Liberia Special Economic Zones Authority’s five-year Strategic Plan, which focuses on designating and regulating special economic zones. The SAPZ initiative is expected to play a crucial role in driving economic growth and job creation in Liberia.
