-House Reviews Investment
President Ellen Johnson Sirleaf last Tuesday wrote the House of Representatives to approve a ‘special tax cut agreement’ in favor of a group of Liberian professionals and investors – the Musons Group, Inc. (MGI), which will last for 15 years.
Mr. Joe Gene Mulbah is the President and CEO of Musons Group, Incorporated.
The President’s letter to Speaker J. Emmanuel Nuquay said the law, titled, “The Investment Incentive Agreement between the Government of Liberia and Musons Group, Inc,” has an investment of over US$70 million.
The President said the purpose of the Investment Incentive Agreement (IIA) is to actualize government’s initiative of attracting and encouraging investors to invest in the country.
The agreement was signed by the Ministry of Finance and Development Planning and the National Investment Commission, and attested by the Ministry of Justice on behalf of the Executive Branch of Government.
The investment contract is intended for the construction, development and maintenance of a 210-room state-of-the-art hotel and resort in Marshall, Margibi County and other recreational facilities.
“These recreational facilities when completed will develop the tourism sector, will provide jobs, generate revenues, provide opportunities for Liberians to showcase their talents and improve the livelihood of the citizens,” the President wrote.
“The aim and objective of this Investment Incentive Agreement is to develop and put Liberia’s hotel and tourism sectors on par with other developed nations, encourage the construction of facilities that will attract world leaders and other world dignitaries to consider hosting major conferences and other global activities in Liberia.
“Mr. Speaker, this Investment Incentive Agreement that is in line with Liberia’s relevant laws and public policy appertaining thereto, compliments the development plan of the hotel and resort sector of Liberia thereby attracting tourists.
“As government commits to creating jobs and a sustainable economic environment, the passage into Law of this Investment Incentive Agreement will demonstrate Liberia’s commitment and implementation in that endeavor.”
Following the reading and acceptance of the instrument, plenary agreed to a motion proffered by Hon. Clearance Massaquoi to forward it to the Committees on Investment and Concession, Judiciary, Broadcasting and Tourism, and Ways, Means, Finance and Development Planning to review and advise the body within two weeks.
The MGI is comprised of Liberian professionals with a common objective of developing an organized, committed and focused institution, MUSONS GROUP, Incorporated, which was established on August 5, 1996.