Star Cement welcomes government’s approval
The Management of STAR CEMENT welcomes approval by the Government of Liberia it to establish a cement manufacturing plant in Monrovia .
The special investment incentive was ratified by the National Legislature in June 2019 and signed into law by President George Manneh Weah, consistent with his campaign promise of giving “power to the people”.
The investment, which is estimated at US$ 41 million, will bring a factory that will create thousands of jobs for Liberians through employment, contracts and distribution. Management is optimistic that this will benefit ordinary Liberians and expand government revenue base through income tax.
STAR CEMENT, when fully operationalized is expected to produce an estimated SIX HUNDRED THOUSAND Metric TONS (600,000 MT) per annum which is equivalent to twelve million (12,000,000) bags of cement.
With this factory, the price of cement is expected to drop in the Liberian Market which will see a boom in the construction industry, as many Liberians would have access to a competitive price and affordable market.
Meanwhile, the company is aggressively making effort to ensure that Liberia benefits from the ECOWAS Trade Liberalization Scheme (ETLS) by commencing export of cement which will help in earning United States Dollars to reduce the persistent scramble foreign currency, a key instrument for the importation of goods and services.STAR CEMENT is expected to begin production within the next 12-18 months at which time the company will begin sale of shares to interested Liberians who desire to invest in the industry.
Meanwhile, the Management of STAR CEMENT extends gratitude to President George Manneh Weah and members of the National Legislature for creating the opportunity which will boost the Pro-Poor Agenda that seeks to alleviate the harsh economic environment in the country. Press Release