Indian businessman Upjit Singh Sachdeva has disclosed that his US$35 million rubber-processing factory investment in Weala, Margibi Count will generate between US$40 to US$50 million in foreign exchange and contribute substantially to the Gross Domestic Product (GDP) annually for the Liberian Government.
In addition to the huge sum of money that Mr. Sachdeva who is more famously known in Liberia as "Jeety" will generate for the country's coffers, he also said that his company will employ 700 or more Liberians. He spoke to journalists following the ribbons cutting to formally open the factory.
President George Manneh Weah Thursday, August 31, stopped by briefly from his hectic political campaign tours to formally dedicate Jeety's modern rubber-processing factory with the hope and confidence that the operations of the company will help address the high rate of unemployment in Liberia.
Jeety is the former Indian Honorary Consul General. He held the post for over two decades.
President Weah, accompanied by Vice President Jewel Howard Taylor and other top government officials, cut the ribbon to the plant and switched on the equipment to commence the first processing of the rubber.
Following the dedication, the Liberian leader and his entourage departed the company's premises to continue his political campaigning in the county.
When the President and entourage left, Jetty disclosed that the turning on of the corporation's equipment by President Weah marks the commencement of the first phase of the company's operations.
He pointed out that his machines can consume between 200 to 250 tons of unprocessed rubber daily.
He maintained that the company will continue to purchase rubber from all local farmers as part of efforts to empower them and help improve the country's economy.
This, he added, will also help put money in the pockets of small rubber farm holders. Jeety emphasized that the company will be fully functional throughout the week when huge tons of rubber are purchased from the local farmers.
"Rubber is one of Liberia's main commodities. Every country commodity increases the Gross Domestic Product (GDP) of the country. Not only that, the trigger down effect is that, it creates employment for several hundred thousands of people. That's why we are not putting up any farms. We are buying rubber from all the small holders in the country and we need 250 tons of rubber a day."
He extended his gratefulness and thanks to the all sectors of the Liberian Government for helping him get the factory setup and running. He mainly thanked President Weah, Vice President Taylor, the Ministries of Commerce, Agriculture, Finance and Development Planning, Justice, and Labor. He also thanked the Director General of the Liberia Immigration Service (LIS) for the support from the beginning to the end of his project. He particularly thanked the Liberian Revenue Authority (LRA) Commissioner General for his unwavering support.
The successful Indian businessman disclosed that the company will ensure that the Liberian government generates US$40 to US$50M when it commences the exportation of processed rubber during the first phase of its operations.
He added that during this phase, the company will produce and export Technical Specified Rubber (TSR10) and Technical Specified Rubber (TSR20) respectively.
TSR10 and TSR20 are used for the production of tires of all kinds, bags, mats, among others. "If the second phase begins, we want to start the other rubber production and in a year time, we want to be hopeful to start to produce rubber bands, gloves and in the next three to six years as per our contract with the government, we will make tires," Jeety stated.
Jeety, who is the CEO of Jeety Trading Corporation (JTC), stated that the TSR10 currently being processed by his company is the first processed rubber used for the production of tires, but such production will not begin now. He described the company as "one of the best modern factories" in Liberia that will employ hundreds of citizens.
"Currently, we have a work force of 400 people all our workers are from Weala. We have a workforce that constructed this factory in a short span of 12 months."