Liberia Special Economic Zone Authority, USAID Collaborate To Boost Investment

Liberia Special Economic Zone Authority, USAID Collaborate To Boost Investment

MONROVIA, Nov. 14 (LINA) –The Liberia Special Economic Zone Authority (LSEZA) and the United States Agency for International Development (USAID) has initiated a two-day stakeholder engagement workshop aimed at fostering stronger partnerships and promoting both domestic and foreign direct investment in Liberia.

Speaking Wednesday November 13, 2024, at the workshop held at USAID’s DELTA office in Monrovia, LSEZA Executive Chairman Prince A. Wreh emphasized the importance of targeted and sustained campaigns to support Liberia’s economic zones.

He noted that a dedicated effort within the LSEZA could help trigger new growth opportunities across key industries, including manufacturing, agriculture, value-added products, aquaculture, tourism, and sanitation.

The LSEZA boss disclosed that over the past four years, the institution has developed a strategic concept aligned with the government’s five-year plan to support Liberia’s national development goals.

According to Mr. Wreh, the workshop represents the beginning of a collective and forward-looking economic strategy, citing, “This collaborative engagement enables stakeholders to come together, receive training, and align on a shared vision for attracting future investments,”

He highlighted the model of the other thriving economies as an example of the benefits of economic collaboration and development.

Wreh also encouraged attendees of the workshop to draw inspiration from the legacy of former President William R. Tolbert, whose policies promoted foreign investment and regional trade.

Expressing gratitude to USAID for their support, Wreh called on participants to take advantage of the knowledge shared during the workshop, as it would be instrumental in establishing the newly formed secretariat.

“We are actively exploring new engagement opportunities with USAID as a valued partner,” he added.

In her remarks, Hattie Hunder, Human Resources and Administrative Manager at LSEZA, explained that the Special Economic Zone Authority is responsible for developing and regulating Liberia’s designated economic zones.

She highlighted that five zones have been designated, with the potential for further expansion and investment. The LSEZA official emphasized that these zones provide a platform not only for attracting direct investment but also for enabling Liberian businesses to thrive. “Our outreach efforts include highlighting companies and businesses in need to grant them the rights and responsibilities to operate under high or low-risk conditions. This regulatory support offers a unique advantage to citizens, ensuring business growth that benefits the entire community, not just investors,” she noted.

She added that they anticipate workshop participants to play key roles in newly formed working groups, as the private sector’s cooperation is crucial to achieving their objectives.The two-day engagement concluded with the proposal to establish a Secretariat, which includes representatives from donor agencies, public and private sectors.

This proposed collaborative structure aims to unlock Liberia’s full economic potential by creating a dedicated technical working group and building consensus among stakeholders.

The event drew participants from the private sector, the public sector, USAID, and other key institutions, emphasizing Liberia’s commitment to sustainable economic growth.