Mr. George G. Wisner, Executive Director of the National Investment Commission (NIC) has said that it has embarked on a process that will lead to the development of a balance, but robust national local content policy and law in the country.
He said such policy and law will create a market pull, for Liberian goods and services, and also help address human capital formation in the labor sector.
According to him, the investment house has already established a multi-stakeholder Technical Working Group and Secretariat, comprising government agencies, development partners, business actors, and civil society.
Mr. Wisner made these assertions recently at the launch of the Liberia Investment Consultancy and Advisory Associates Incorporated in Monrovia.
The acting NIC boss extended an invitation to the group to join the process with the wealth of experience of its director, former Grand Kru County Senator Cletus Wotorson, and others.
The NIC boss said for those at the Commission, not excluding traditional mandates, have shifted their priorities for the next two years to collaborate with other inter-dependent agencies of government and private actors to strengthen the private sector.
He further said that his entity is initiating discussions with the Central Bank of Liberia (CBL), National Bureau of Concession (NBC) and Liberia’s concessions to strengthen the nation’s business linkage program.
He disclosed that the NIC is encouraging concessionaires to help understand their procurement plans over the next two or three years.
This information, he said, will be utilized to generate self-discovery externalities for Liberian entrepreneurs,” Mr. Wisner disclosed.
He further said the information will be used for expanding access to finance and capacitate Liberian businesses. The NIC acting head, who congratulated the Aureus Mining Company and Aminata for the recent signing of a five-year contract for fuel supply, said this is an initiative which the NIC hopes will be replicated by other firms.
He disclosed that the NIC has also begun talks with the Liberia Revenue Authority (LRA) and the Ministry of Finance and Development Planning (MoFDP) to revise the current incentive regime for Liberian businesses.
Mr. Wisner said this is intended to lower the threshold for Liberian businesses, under the investment code and noted that this is important to graduate many Liberian businesses from the informal to the formal sector.