allAfrica.com: Liberia: Private Sector is Engine of Economic Growth, Johnson Sirleaf (Page 1 of 2)

"We believe that a vibrant private sector that is built on the combined strength and linkages between large, medium, small and micro enterprise is an essential prerequisite to trigger the kind of economic recovery and shared growth that we need as a nation", President Ellen Johnson-Sirleaf has asserted.

The Liberian Leader observed that her government recognizes that the private sector remains the driving force for the nation's economic growth.

Madam Johnson-Sirleaf's observation was contained in a statement delivered on her behalf by Vice President Joseph N. Boakai at program marking the 2nd Annual Private Sector Day at the Samuel Kanyon Doe Sports Complex last Thursday.

She said Liberia was endowed with rich natural resources that can provide the impetus for growth but stressed the need for Liberians to continue to sustain the peace, adding "our policy is to achieve growth over the medium-to-long term which will diversify our economy and encourage private sector investment in agriculture, mining, manufacturing, trade and services."

She indicated that government will also strive to significantly improve Liberia's international competitiveness by laying the foundation for diversification of the economy.

Sirleaf-Johnson: "We can and will do this by dialoguing with the private sector to prioritize the reform agenda, we can and we will make it better, easier and faster to do business and create employment for our people."

The Liberian Leader divulged that improving the legal, regulatory and physical environment in which the private sector does business has obvious benefits for Liberian entrepreneurs, as such, the government remains committed to instituting the manifold institutional and regulatory reforms needed to return Liberia once more as an attractive investment destination. "We have started and we must continue to improve our monetary and fiscal policies, these provide substantial guarantees to attract major multilateral investments," she added.

The President noted that the complete realization of the economy can only be achieved if the private sector participates massively in all sub-sectors of the economy; adding, "We must together develop a culture where the private sector works to develop not just individual profits but individual and equitable economic growth and prosperity."

She indicated that the Liberia Public-Private Sector Dialogue initiative which aims at developing a new inclusive strategic approach that would enhance continuous dialogues between the private sector and government was launched in realization of the need to encourage private sector development.

"The objective is to build consensus, prioritize our reform agenda, analyze our options and support implementation of policies that will improve our investment climate, encourage the development of quality employment for our people; thereby leading to poverty alleviation and wealth creation; this is the primary objective of our Poverty Reduction Strategy," Madam Sirleaf added.

She further observed that government's strategy has been and remains to achieve quick and visible progress to wheel the growth engine of the economy and produce tangible benefits that makes a direct impact on the lives of a significant number of Liberians thereby resulting in an inclusive and equitable sustained economic development.

She noted that Liberian entrepreneurs who stayed the course as well as those who have decided to return home from abroad with their resources, risking everything to invest in their country's future, expect an environment that is characterized by fair and transparent regulations. She indicated that over the years, the private sector has been thwarted and frustrated by barriers including complex and inefficient regulations; Liberian entrepreneurs are challenged by difficulties in accessing affordable long term credit and other financial services to develop and grow their businesses.

"Liberian entrepreneurs are constrained by the lack of practical skills and the knowledge required by employees to develop competitive products and services. We will remain engaged with the private sector and we will go to the legislature to seek reforms to our financial laws, tax and labor laws and regulations in which we do business in Liberia," the President averred.

Retrospectively, the President noted the in 2007 following Liberia's maiden inclusion in the World Bank Group's annual flagship Doing Business survey, government evaluated the challenges and opportunities of the country's investment climate.

She said the Doing Business survey provides a snapshot of the realities that a domestic company faces in Starting a Business, Employing Workers, Paying Taxes, Trading Across Border; and that overall Liberia was ranked 170 out of 178 countries measured.

She noted that following the DB survey, government immediately constituted the Business Reform Committee (BRC) under the chairmanship of the NIC boss to begin looking at initiating administrative changes and possible legislative amendments that will make it better, easier and faster to create and grow businesses thereby expanding opportunities for employment.

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