The President of the Republic, H.E. Dr. George Manneh Weah, in brief remarks at the dedication of a state-of-the-art cement production facility on Bushrod Island disclosed that projections of favorable economic growth for Liberia this year has found expression in the advent of two investments just in a day.
"A good day for Liberia today and the Liberian people," the President broke the good news as he mounted the podium Thursday, January 16, 2020, to deliver a statement minutes before he cut ribbons opening the modern cement factory.
"Today, the Liberian economy experienced the launch of two major investments. This shows the level of confidence investors have in our economy and the Liberian Government. The investments launched will greatly impact the Liberian economy and will also provide jobs to thousands of Liberians."
He named the two investments as CEMENCO state-of-the-art production facility which was inaugurated Thursday, and a new investment Bank which is being opened by Loita Capital Partners International under the auspices of Liberia Bank for Development and Investment (LBDI).
"The projection of growth in the economy will definitely be realized as we joyously enter the new year," the President averred. "The economy will gradually take shape."
President Weah asserts that CEMENCO's US$14 million extension facility, which is an addition to the existing plant, will not only significantly increase total production, but similarly introduce new technologies and bring new efficiencies to cement production in the country.
The Liberian Chief Executive said he was gratified for the development, and congratulated CEMENCO and its parent company, the Heidelberg Cement Group, for a job well done.
"Indeed, this is an indication of your level of trust in the Liberian economy," he said, adding: "Your willingness to continue to make foreign direct investments in Liberia is a vote of confidence in the stability and safety of the Liberian investment environment."
President Weah also described CEMENCO's investment as timely and shows that the Liberian economy is poised for growth, after two years of assessment necessitated by corrections and adjustments.
"There will be many new projects, including roads, and the rollout of new infrastructure, which will require cement," the President indicated. "The creation of new jobs in the private sector will continue to drive demand for cement."
The Liberian Leader thanked the CEMENCO management for the new facility and their continuous confidence in Liberia.
Speaking earlier, the Chief Executive Officer of CEMENO Liberia Ltd, Mr. William P. Gaignard, thanked President Weah for honoring the plant dedication ceremony with his presence.
He hailed the President for creating the enabling environment for investment, something he said underpins the company's confidence in the Liberian economy and necessitated the expansion of the company with the new plan valued at over US$40 million.
He said CEMENCO Liberia's capacity has now substantially increased to produce more cement and to supply all cement needs in the country year-round, including reaching the Southeastern and hard-to-reach counties.
President Weah was accompanied to the program by other officials of government, including Minister of State, Nathaniel F. McGill; Public Works Minister, Mobutu Vlah Nyenpan; House Chairman on Investments and Concessions, Hon. Tibelrosa S. Tarponweh, among many others.
CEMECO Liberia's Board Chairman Mr. Morten Gade and the Chief Executive Officer of the company's Africa East Mediterranean Region, Mr. Hakan Gurdal were also present.