Liberia and the United Kingdom have highlighted the key role of the private sector as a catalyst in advancing trade and investment between the two countries.
The Minister of Africa of the United Kingdom, Andrew Mitchell and Commerce and Industries Minister of Liberia- Madam Mawine G. Diggs, held discussions on broadening trade with Liberia and the United Kingdom.
Speaking at the Foreign, Commonwealth and Development Office (FCDO) in London, Minster Mitchell recounted the continuing partnership between Liberia and the United Kingdom in promoting democratic governance.
He indicated that following the COP27 Climate Summit, the United Kingdom will continue its leadership role in soliciting greater commitment around climate change and global peace.
He hailed Liberia for strengthening its democratic gains especially as Liberians look towards the 2023 general and presidential elections.
Minister Mawine Diggs reflected on the strategic importance of the UK Liberia relations and how it continues to impact varying aspects of the two countries.
She commended the United Kingdom for support to Liberia’s development across education, health, and fisheries.
She highlighted the importance of attracting UK investment to Liberia as well as development financing to consolidate the efforts of Liberian businesses.
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Minister Mawine Diggs expressed optimism that Liberia’s new legislation on Standards – will [propel] made in Liberia products, thus reducing the reliance on imports, while increasing the prospects of Liberian businesses in accessing other markets.
Commerce Minister Mawine Diggs- indicated that a new trade agreement will be productive – – alongside development finance to boost the private sector.
Also speaking at the offices of the British International Investment (BII), she rolled out the prospect of Liberian business and the need to explore markets beyond Liberia. ‘The focus is geared toward strengthening the private sector through access to capital: focusing on agriculture and manufacturing.’’ Minister Diggs stressed.
According to Vivianne Infante, Director, Africa Resilience Investment Accelerator – two study tours have already provided sufficient insight into the approaches and partnership in Liberia, especially through commercial banks.
They hailed Commerce Minister Diggs- for the visit and pledged the commitment of BII as the key outlet of the United Kingdom to drive private sector growth and development around the world.
The BII seeks to leverage the partnership with commercial institutions to provide better and long- term support for private sector development in Liberia.
According to Andrew Palmer, Director, Global Affairs, the focus of (BII) is concentrated at key projects with high prospects; interventions are aligned with prosperity and targeted at yielding great fruits.
The British International Investment (BII) is part of ARIA (Africa Resilience Investment Accelerator) alongside US International Development Finance Corporation (DFC) and other development finance institutions (DFI).
ARIA aims to boost investment by bringing together experience to overcome the challenges in providing investment in these countries.
Currently, BII is the largest development financial partner with infrastructure, solar energy as well as digital connectivity.
We hope that the new trade contract between partners enhance creativity, machinery, and life stock equipment not only in the future but also in now education, health care need be most.
As inferenced, the Minister is very concerned about Liberian made product wish inherits the private sectors to invest in carried over continuance even after COP27 summit. What concerns Liberian enterprising most is that some investments are left over or under stocked in connections with BII partners some of whom forget that the invention remains at home in Liberia with foreign attachments. Who then gets the benefits? We do foresee the public Democratic gains in terms. The Director points out the commercial banking aspect remembering Liberia’s currency index. The patent rights of Liberians win the race in this process of nation building if DFC and DFI note the protectorate label on Investment and Liberian private ownership.