A 15-year deal on the ratification of the extended and restated Agency Agreement between the Liberian government and the Liberia International Ship and Corporate Registry (LISCR, LLC) has been approved by the House of Representatives and sent to the Liberian Senate for concurrence.
The lawmakers overwhelmingly passed the bill yesterday.
The ratification and extension was amended owing to a communication from House Chairman on the Maritime Committee, Rep. Thomas Fallah, who is also the Chairman of the House Joint Committee on Maritime, Ways, Means and Finance and Judiciary, arguing that the agreement offers future improvement of services for the purpose of enhancing the viability and profits of the Liberian Maritime industry.
In his communication to Speaker Tyler and his colleagues in defense of the passage of the bill, Rep. Fallah gave five prime benefits of the Agreement, including the provision of an enabling business environment for Liberia Maritime Sector and the relief of government’s revenue spending on rental for far more productive development programs in other areas of the postwar reconstruction process.
Another benefit of the agreement is the creation of considerable stimuli for Liberia’s overall socio-economic development, considering the current status and the multiple effects of Maritime activities within a short period of time.
“The Extended and Restated Agency agreement will also seek to produce a pool of qualified manpower through the regular training program of the Academy (LIMTI) with a vested interest in preserving the efficiency and proficiency of government as masters and agents of their own maritime industry,” Rep. Fallah advocated.
He added: “the agreement when implemented would seek to strengthen partnerships with some of the world renowned shipping registries if Liberia’s maritime industry is capable of sustaining itself and expanding in some activities of our maritime industry.”
The House approved the LISCR deal from 2014 – 2029, with the country gaining 67% of the net program revenues, while LISCR gets 33%.
It may be recalled that last Friday during the LISCR-Liberia Public Hearing on the extended and restated Agency Agreement, Cllr. David Jallah, the General Counsel and Vice President of the University of Liberia, said the proposed 33 per cent of the net program revenues for LISCR should be reduced considering the fact that the Agent (LISCR) almost exclusively manages the affairs of the program.