The National Investment Commission or NIC and the Sethi FaroIn corporated have signed an investment agreement worth US$20 million,having reached a plan for the construction of a metal script and steel plant here on Thursday, 16 February.
NIC Executive Director Mr. George Wisner told a regular press briefing at the Ministry of Information, Cultural Affairs and Tourism on Thursday, 16 February that the steel plant will be situated in the Monrovia Industrial Park.
After the signing of the agreement on Thursday, Mr. Wisner announcedthat the investment will provide about 200 directs jobs, and that thework on the plant is expected to begin next month.
Mr. Wisner said the NIC has received a number of significant proposals from investors who have interest in agriculture, manufacturing,hotel and construction areas, even though he acknowledged a drop inthe investment year.
The NIC boss says Liberia continues to attract investors’ interest inall sectors of the economy. He says with new investments coming onboard, the achievement suggests that the foundation of Liberia’s micro
economy policy is well in place.
Mr. Wisner credited the achievement to “the sound and exemplaryleadership” of the country headed by President Ellen Johnson –Sirleafthat continues to inspire investors domestically and internationally.
He also boasted of improvement in Liberia’s regulatory and policyframework that give a favorable outlook of the country’s businessenvironment.
Making suggestion that “we” must uphold and sustain such businessenvironment, Mr. Wisner further noted that the maintenance of peaceand stability, democratic reform and open market system have rebrandedthe nation’s investment sector.
“However, we must be mindful that unless we maintain stability andcontinue to push forward necessary democratic business reforms, westand to undermine the investment climate of this country, and makedoing business in Liberia extremely difficult”, Mr. Wisner warned.
He said this year is a critical year for investors and the businesscommunity on grounds that bring with it some degree of nervousnessand uncertainty. But he still reassured Liberians and the business
community that government has taken additional steps to mitigate therisks and to protect the economy through various ministries andagencies including the NIC, Ministry of Finance and DevelopmentPlanning, Ministry of Commerce and the Central Bank of Liberia.
At the same, Mr. Wisner has recommended that Liberia gets back on itspath of infrastructure development in considering the sustainabilityof the country’s investment.
“If we really want to transformed this country and put it on the righttrajectory, then we all as Liberian citizens need to work in oneaccord to sustain our investment; because once the investments are
sustained, you will [have] more investors running into this country.
And that will also help in the process of creating more jobs”, he said.He concluded that in the midst of all the challenges here, the micro economic fundamental of the economy still remains sound and basically durable to the country’s investment plan.
By Lewis S. Teh-Editing by Winston W. Parley