20 April 2017

Liberia: Veep Boakai Pitches Liberian Economy to U.S. Investors

Vice President Joseph N. Boakai says the Liberian government is focused on strategic investment, both domestic and foreign in value chain, plus downstream processed goods and in manufacturing, seeks to expand electricity distribution; as well as link creative financing for Major Small Medium Enterprises and commercially viable businesses.

The Unity Party (UP) Standard Bearer, according to a press release, said Liberia being such an investment friendly country, has aggressively created an atmosphere conducive to investment, and pointed out that Liberia's Profit Tax Rate is 25% or 2% on turnover, with very limited capital controls and 100% of profit available for repatriation.

He explained that 30% incentive deduction is allowed up to 100% of qualifying cost of equipment and machinery for investors over $1million US dollars.

He made the remarks Friday when he delivered the keynote address at the Liberian Business Forum at Greenberg Traurig in Philadelphia, Pennsylvania, United States.

"You can also obtain a tax deduction of 10% off the cost of building and fixtures used in manufacturing process that produced finished products having 60% local raw material," Vice President Boakai noted. "Investments in economically deprived zones, or those generating more than 100 direct jobs, qualify for additional incentives of up to 12.5% & further 10% respectively."

He noted that the Liberian government sees limitless possibilities in the expansion and deepening of relationship, covering the areas of trade, economics, security, governance, health and education.

Vice President Boakai told US investors that the Government of Liberia recently launched the Liberia Agricultural Transformation Agenda, a new policy framework for developing agriculture and agribusiness directly supported by the highest leadership of the country with a focus to support value addition in agriculture through financing, public goods and market access.

He stressed that the climate of peace and stability continues to prevail "if we are to consolidate and further expand our gains. We have gone to great lengths to build a tolerant and democratic governance system in Liberia."

Meanwhile, at the Liberian Educational Forum, held at Drexel, University in Philadelphia over the weekend, the Vice President outlined challenges the nation is faced with in the educational sector, including lack of adequate funding, poor allocation of meager resources, a heavily centralized school system in Monrovia, with the rest of the country receiving little or no attention.

"What is making the situation even more complex are the lack of reliable data to inform sound decision making, a massive brain drain of skilled and professional educators, and lack of access to education for a generation of young people in the rural areas, " Vice President Boakai said.

He pointed out that the recognition of this imperative for change in the educational sector "moves us to place reform of the educational system as one of the three top priorities" and reechoed President's Sirleaf message to the nation that the Ministry of Education would both serve as a compliance enforcement agent, while at the same time work as an engine of innovation.

Moreover the Vice President recapped President Sirleaf's message that the Ministry of Education has a clearer mandate to develop an efficient communication and engagement strategy to enable stakeholders to buy in and support the government in accomplishing this all important national commitments.

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