President George Manneh Weah has appointed a Steering Committee (SC) of Special Economic Zone (SEZ) with immediate effect to ensure the establishment of the SEZ in Liberia beginning with the Buchanan Site.
According to an Executive Mansion release issued on Monday, April 8, 2019, the team is tasked to create, drive, guide, enhance, coordinate and manage single, multiple and mixed-use Special Economic Zones in Liberia.
This new presidential action came in the wake of the economic challenges that continue to confront Liberians in the second year of the new government of President Weah.
SEZ policies allow countries to designate industries and/or physical areas in which business and trade laws differ from the rest of the country in order to stimulate increased trade, increased investment, job creation and effective administration. The overall objective is to create a world class business environment that is predictable, productive, and profitable.
The special economic team comprises of key institutions and major international development partners like the United States Agency for International Development (USAID). Liberia is facing some serious economies woes, with prices rising continuously while the value of the local currency drastically depreciating.
The Steering Committee consists of the Minister of Finance and Development Planning (MFDP), Chair; Minister of Commerce and Industry (MOCI), Member; Minister of State without Portfolio (MOS), Member; and Minister of Agriculture (MOA), Member.
Others on the team include Commissioner-General of the Liberia Revenue Authority (LRA), Member; Chairman of the Liberia Land Authority, Member; Managing Director of the Environmental Protection Agency (EPA), Member; Executive Director of the National Port Authority (NPA), Member; and Chairman of the National Investment Commission (NIC), Member.
Private Sector and Development Partners nominated are the President of the Liberia Chamber of Commerce, President of the Liberia Business Association, Country Manager of the African Development Bank, Resident Representative of the International Finance Corporation, and Country Director of the United States Agency for International Development as members