Monrovia — The Progressive Alliance Movement of Liberia has voted and declared the Economic Advisor to President Ellen Johnson Sirleaf and Chairman of the National Investment Commission, Dr. Richard Tolbert as Chairman of the year 2008-2009 for his outstanding contributions and commitment to the improvement and development of the national economy through an attractive investment climate.

Presenting a Certificate of Recognition to Dr. Tolbert at the Compound of the NIC on behalf of the Movement, the National Chairman, K. Mamadee Keita said the presentation was a testimony of the dedicated and patriotic efforts and performances of the NIC boss to buttress government's national agenda of reconstruction, economic recovery and development

He said under Dr. Tolbert's Chairmanship, the NIC in 2008 processed a total of 18 investment incentive applications with a total monetary value of US$132, 551,640.with an employment capacity of 2,287 jobs in the sectors of construction, agriculture, manufacturing, hotel and equipment leasing.

Mr. Keita said the NIC also chaired the Business Reform Committee that moved Liberia to the 13th place upward in the World Bank's "Doing Business Report" from 170 to 157 position, signed a US$30M rice deal with the African Development Agency (ADA) and another rice deal of US$2M with the Novel Corporation of Switzerland along with the Agriculture Ministry.

He said the NIC also reached a US$8M hotel deal with the Robert L. Johnson Group; a project located at Kendeja, outside Monrovia and signed another US$8M SKD Stadium Hotel deal with a Chinese Investment Group.

Mr. Keita said the NIC actively participated in the negotiation and conclusion of the US$5M Libyan Rubber Processing Plant which is expected to be constructed in Gbarnga, Bong County.

Still with Libya, the NIC concluded the negotiations of US30M Ducor Hotel deal and obtained the first rental payment of US$250,000 for the Government of Liberia.

Mr. Keita emphasized that the NIC, under the dynamic visionary and farsighted administration of Dr. Tolbert, the 1973 Investment Code was revised with the assistance of the International Finance Company (IFC), eliminating the ad-hoc negotiation of investment incentives; setting aside exclusive businesses for Liberians and other considerable policies.

He noted that the NIC also chaired the Inter-ministerial Concessions Committee on Mining, which granted over 50 mineral exploration licenses in iron ore, gold, diamond, uranium and barite, among others.

Mr. Keita recalled that the Commission became the recipient of over 200 foreign business delegations and some 800 local visitors and negotiated another US$ 100M Hotel Africa deal with South African and Chinese investment groups along with the relevant government ministries and agencies.
Elaborating further, Mr. Keita said in collaboration with it's local partners, the NIC negotiated six Timber Sales Contracts (10, 000 hectares each), with a total value of US$12 million and three Forest Management Contracts (50,000 - 100,000 hectares per contract) worth more than US $20 million in capital investment.

Also in 2008, he said the NIC entered into a negotiation of US$100M deal with an American Investment Group to invest in Palm Oil Plantations for bio-fuel and another US$500M deal with a Malaysian Investment Company for the production of oil palm and rubber.
He pointed out that the NIC has also negotiated a new US$30M deal with an Ivorian Cement Corporation, the finalization of which will double cement production on the Liberian market from 300,000 metric tons per annum to 600,000 metric tons.

The commission, he said is currently involved in the process of obtaining a US$2M multi-year grant from the World Bank for capacity building, especially in the areas of investment analysis promotion.

Concluding, Mr. Keita commended Chairman Tolbert and his able staff for their loyalty to the nation and its people in the creation of attractive investment atmosphere for local and foreign investors.

Responding, Dr. Tolbert pledged his unflinching and uncompromising support to the reconstruction of all sectors of the Liberian economy.