Liberia: Chamber of Commerce Wants Enabling Environment Improved for Investors

The 1st Vice President of the Liberia Chamber of Commerce, Ahmed S. Wazni, says there is a need for the government to improve the enabling environment for investors so as to attract more foreign direct investments.

Wazni said to ensure an adequate enabling environment for investors, the government must make sure of stable security, a fully functional legal system, adequate human and institutional capacity, and sustainable utilities within the country.

He said these conditions are key to attracting foreign direct investment, which would subsequently improve the living conditions of the people of Liberia.

The Liberia Chamber of Commerce 1^st Vice President made the remarks on Tuesday, August 23, at the United Nations Private sector Roundtable Dialogue meeting held in Monrovia.

The event brought together key private sector institutions, including Golden Veroleum Liberia, Lonestar Cell MTN, Orange Liberia, ArcelorMittal Liberia, Liberia Bankers Association, Bolloré Logistics, and others. 

According to Wazni, the role of the private sector is not limited to revenue generation or job creation but its role is to also ensure the innovative and human resource capacity and technological inputs which are potentially important contributions to the growth of the economy.

The dialogue is a result of the United Nations office in Liberia's partnership with the Private Sector in the country. But this has been limited over the years and there is a potential to strengthen such partnership for the growth of the country.

The objective of the dialogue is to develop a common understanding of the work of the UN and the private sector in Liberia so as to identify opportunities for collaboration and partnerships between the UN and the private sector.

The partnership term to recognize the important role the private sector continues to play in supporting the government's Pro-poor Agenda for Prosperity and Development (PAPD) and its important contributions to the achievements of the Sustainable Development Goals (SDGs).

“The private sector has always been a strategic partner to the Government in achieving its vision which aims to eradicate poverty. It has contributed significantly to social economic development through the creation of jobs,” Wazni said.

He said the private sector increasingly plays a key role in the economy and serves as the engine for economic growth and development.

“It provides goods and services and significantly contributes to the generation of tax revenues to finance essential social and economic infrastructure, develops new and innovative solutions that help tackle development challenges,” he explained.

According to him, the Private Sector is expected to contribute approximately 70% to the current National Budget in relation to income from international trade and domestic revenue.

Wazni said the Liberia Chamber of Commerce has embarked on an arbitration project which requires the support of all stakeholders within the country. However, he clarified that the arbitration project is not intended to undermine the judicial process but rather to reduce the pressure on the courts, maintain relationships between the businesses and resolve matters amicably in the shortest possible time. 

He said his institution acknowledges the many challenges facing economic growth and development, but recognizes that these challenges cannot be tackled only by the public sector. 

“Achievement of Sustainable Development Goals requires the involvement of all stakeholders like the government, civil society, international partners and the private sector,” he maintained.

According to him, each one of these stakeholders has a unique and critical contribution towards the realization of Liberia’s national development agenda.

He said it is expected that the private sector will rally and consolidate efforts and work in unity under the umbrella of the Chamber of Commerce to ensure social development and economic growth.

Also making remarks, the Resident Coordinator of the United Nations, Niels Scott said the dialogue was a landmark event for the United Nations in Liberia for two decades.

Scott said the dialogue was an opportunity for everyone to get to know the many points of convergence the United Nations is making and the private sector as well. 

“We have so many common interests but also opportunities to help the people of Liberia and their future with progress and development,” Scott said.

He said the United Nations is planning to invest in the development of Liberia.

According to him, in the last five years, everyone has come to realize that there are considerable challenges but the UN is worried about the local challenges.

The Chief Executive Officer (CEO) of LoneStar Cell MTN, Rahul De, said the company is helping to reduce poverty in Liberia by building the capacity of Liberians, supporting education institutions through its corporate social responsibility programs and other areas.

“Every year, we take graduates from across the country and train them; some are absorbed and some are let go and come back later. These are students who can acquire training and also get paid,” Mr. De said.