Monrovia- Liberia Special Economic Zone Activities stands to benefit from a 25-euro support fund from the European Union, as the sector gears up towards transformation, global trade boost, and fostering economic industrialization.
By Willie N. Tokpah/0777039231
The disclosure was made by the EU Head of Political and Economic Government Cooperation, Dr. Anna Brzozowska at the Liberia Special Economic Zone Authority Stakeholders Engagement, which also seeks to partner with key stakeholders to increase job creation for citizens.
Making the disclosure, on Tuesday, July 2, Dr. Brzozowska said Liberia is a peaceful country to attract investment and there is a great opportunity for a new development plan.
According to her, the EU has a similar objective to economic governance and the creation of jobs as well as economic growth for Liberia and will help Liberia attract investors.
Dr. Brzozowska told stakeholders at the engagement that the EU remains committed to helping Liberia protect its natural environment.
She said as part of the EU efforts to promote education, it is supporting TVET education in agriculture and is also helping improve the lives of women and at-risk youths to contribute to economic growth.
She is also concerned with helping to improve the business climate and create value addition to the fishery.
Dr. Brzozowska then assured the European Union commitment to providing 25 Million euros to support the Liberia Special Economic Zone Activities.
In 2017, specializing in the need to accelerate our economic trajectory, the Government of Liberia established the Liberia Special Economic Zones Authority by an Act of Legislation.
Making special remarks, the Liberia Special Economic Zones Authority Executive Chairman, Prince A. Wreh more than the authority mandate as enshrined in the Act “Section 7; which Mandate, Administrative Powers and Duties”, sets the basis for the LSEZA forward match to transform Liberia into an engine of global trade and to foster economic growth and industrialization.
“Reflecting on President William R. Tolbert Jr.’s vision for economic diversification and regional integration, we draw inspiration from his advocacy and institution of a Free Zone initiated in 1975, to which we have and what remains as the Monrovia Free Zone. His foresight in promoting policies that attracted foreign investment, infrastructure development, and regional trade integration remains relevant today,” Mr. Wreh said.
As such, he said it was important to continue building upon Sais legacy, positioning Liberia as a competitive hub for commerce in West Africa, and that the emergence of Special Expnoc Zones (SEZ) underpinning efforts are
comprehensive SEZ regulations that delineate the rights and responsibilities of licensees, developers, and operators.
These regulations, he noted, incorporate a special tax and incentive regime, aimed at bolstering investor confidence and spurring economic activities.
Therefore, Wreh emphasized the need to recognize with distinction partners that in their wisdom, recognized the need to support LSEZA formation; United States Agency for International Development, African Development Bank, World Bank, International Finance Corporation, and others.
Therefore, Wreh averred that as the authority set forth, collaboration across other entities such as the Ministry of Commerce and Industry, National Investment Commission, Liberia Revenue Authority, and Liberia Bureau of Immigration and Naturalization among others, there is a need to work toward attracting investment to support President Joseph Nyumah Boakai ARREST development agenda.
“Together, we aim to improve economic indicators and enhance the quality of life for all Liberians …