Dr. Westcott said as the potential for oil production in the country is in sight, the necessary laws to protect the sector and benefit the entire country is highly significant at this time.
In an interview with reporters yesterday, the visiting EU envoy stressed the need for a clear regulatory structure that will provide the much-needed resources for the nation and people.
He said as oil remains key resources of the country, early regulations in the sector must be enforced to generate money so that Liberians and companies involved can benefit from economic boom.
“It’s important to define legislative structure in place before the oil starts to flow so that everybody could know what’s going to happen to the money and companies involved and how Liberians could also benefit from this process,” Dr. Westcott declared.
The EU diplomat expressed the desire of his organization to assist Liberia in the process, stressing; “We will help bring in the expertise from other country to develop the sector.
“Some of our member states have been through similar situation and we are very happy to share our experience with Liberia,” Dr. Westcott indicated.
On the forestry sector, the EU envoy divulged that Liberia and other EU countries have agreed on the Voluntary Partnership Agreement (VPA) that will certify the country’s timbers to be sold on the European markets.
He is of the view that the proposed legislation that will strengthen the economic potential of Liberia in order to positively recover from years of instability.
Dr. Westcott spoke to journalists yesterday at the Capitol Building after concluding a closed door meeting with House Speaker Alex Tyler. Dr. Westcott is visiting Liberia to meet with key stakeholders organizations relative to the political and security situation facing the country.
To conclude his visit that started on June 20, 2012 Dr. Westcott will today hold a press conference at the EU Mission in Monrovia to brief journalists about other activities he was involved with in the past few days.