A special 15-year tax holiday, known as the Investment Incentive Contract, in favor of a group of Liberian professionals and investors - the Musons Group, Inc. (MGI) - to build a hotel in Marshall City, Margibi County, has been ratified by the Senate and the House of Representatives.
The hotel investment is worth upwards of US$70m.
The contract is intended for the construction, development, and maintenance of a 210-room state-of-the-art hotel and resort with recreational facilities.
Last Tuesday the House of Representatives approved "the Investment Incentive Agreement between the Government of Liberia and Musons Groups, Inc," which marked the concurrence with the Senate, entitled Engrossed Bill No.3.
The harmony of the draft law from both Houses is expected to be communicated to President Ellen Johnson Sirleaf for approval.
Members of the House acted in concurrence based on the Senate's passage and did not wait for the advice and revision of the Joint Committee on Investment and Concession, Judiciary, and Ways, Means Finance and Development Planning, as mandated by plenary, because of a motion proffered by Hon. Clarance Massaquoi.
It may be recalled that in a letter to House Speaker J. Emmanuel Nuquay, the President said the purpose of the Investment Incentive Agreement is to actualize government's initiatives to attract and encourage investors in and to the country.
The agreement was signed by the Ministry of Finance and Development Planning, National Investment Commission and attested by the Ministry of Justice on behalf of the Executive Branch of Government.
"These recreational facilities when completed will develop the tourism sector, will provide jobs, generate revenues, provide opportunities for Liberians to showcase their talents and improve the livelihood of the citizens," the President wrote.
She added: "The aim of this Investment Incentive Agreement is to develop and put Liberia's hotel and tourism sectors on par with... developed nations, encourage the construction of facilities that will attract world leaders and other world dignitaries to consider hosting major conferences and other global activities in Liberia."
The President also said the Agreement "is in line with Liberia's relevant laws and public policy and compliments the development of the hotel and resort sector of Liberia thereby attracting tourists.
"As government commits to creating jobs and a sustainable economic environment, the passage into Law of this Investment Incentive Agreement will demonstrate Liberia's commitment and implementation in that endeavor."
The MGI is comprised of Liberian professionals with a common objective of developing an organized, committed and focused institution, MUSONS GROUP, Incorporated, which was established on August 5, 1996.
Mr. Joe Gene Mulbah is the president and CEO.