Monrovia — Amidst ongoing efforts to combat poverty in Liberia, Vice President Jeremiah K. Koung has announced that Liberian businesses and small and medium-sized enterprises (SMEs) remain the government's major focus to lift its citizens out of poverty.
He also said local businesses and Liberia's own businesses are struggling for needed capital to expand and contribute to the private sector, and even under difficult circumstances, they continue to demonstrate resilience and competence to compete with foreign businesses.
"While we encourage foreign investors to help the private sector groups, I have come to salute our local businesses for their consistency and assure them of the government's preparedness to create an enabling environment for expansion," VP Koung said.
Delivering a keynote address at the Aqualife expansion ceremony on Friday, March 8 at Red Hill Field in Virginia, Koung extended his appreciation to Liberty Investment Limited and its subsidiary, Aqualife, for their over-decade-long investment in Liberia.
According to him, Aqualifeinvestments have not only created employment opportunities for Liberia, but have also significantly contributed to its industrial and economic advancement. And he firmly believes President Joseph Nyuma Boakai's ARREST vision offers a most promising avenue to address long-standing challenges confronting private sector investment.
Koung indicated that they do so with the hope that the Liberian economy will strive only through a vibrant private sector, and the new factory serves as evidence of Liberia's various business activities. in addition, he noted that the expansion also sends a clear message to potential investors regarding their commitment to private sector development.
He emphasized that the major obstacle to achieving a strong private sector is one's failure to identify sectors that require immediate attention. And he is aware of the many sectors that demand investment attention, but they must prioritize sectors that provide immediate transformation.
He urged businesses to focus their strategies on fully developing the ARREST agenda, which includes agriculture, roads, and the enforcement of laws, education, sanitation, and tourism.
"I believe agriculture and energy are the most effective sectors capable of attracting the investment necessary to support other sectors," he said.
Dahlia Khalifa, Regional Director for Central Africa and Anglophone West Africa of International Finance Corporation (IFC), said IFC's investment in Aqualife is a testament to the company's resilience, innovation, and pivotal role in Liberia's beverage and manufacturing industries.
"Aqualife has played a key role in Liberia by contributing to the private sector, creating jobs, and fostering opportunities within the Mano River Union. Under the Barbar family's leadership, Aqualife has become a market leader with a strong distribution network and industry standards in Liberia," she added.
She also said that the investment is about more than just scaling a business; it is about the broader implications for economic growth and sustainable development in both Liberia and Sierra Leone.
According to her, with IFC's support, Aqualife is set to triple its water bottling capacity, enhance the efficiency of its Liberia plant by 10 percent, and refurbish the plant in Sierra Leone with modern facilities. The expansion will not only create over 1,000 permanent jobs but also address the critical need for clean drinking water in both countries.
Khalifa emphasized that the installation of solar panels at Aqualife's plants reduces diesel consumption by 50,000 gallons annually, is a prime example of IFC's commitment to clean energy and environmental stewardship, and further aligns with IFC's strategy to strengthen private businesses that can lead the way in reducing greenhouse gas emissions and achieving sustainable operations.
"This partnership underscores IFC's dedication to partnering with strong local champions like Aqualife, capable of becoming regional or global leaders and fortifying local markets," she said.
She indicated that the investment is a resounding vote of confidence in Aqualife's vision and capabilities, an investment in the future of Liberia and Sierra Leone, and a commitment to sustainable and clean energy practices.
In conclusion, she extended heartfelt gratitude to the Aqualife and IFC teams for the collaboration that has brought their partnership into reality and stated that the investment may pave the way for a prosperous and sustainable future for all of them.
Also speaking, Joe Barbar, Founder and Chief Executive Office of Afropa, said the day marks a special day for Liberia, Afropa, Liberty Investment, and their brand Aqualife.
He also said that their dedication is to provide safe and affordable drinking water to Liberian people and help preserve life with water that meets the highest international standard.
"It is often said that water is life, and here our dedication is to provide safe and affordable drinking water to our Liberian people and help preserve life with water that meets the highest international standard," he said.
According to him, the new state-of-the art Aqualife factory will increase its production capacity to 45,000 bottles per hour from 12,000 bottles per hour and will keep all the standards, noting that they are hoping to provide more affordable bottle drinking water in Liberia and across Liberia.
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Barbar expresses appreciation to the government of Liberia for recognizing Liberty Investment as a development partner and creating a conducive business environment through the provision of the necessary conception of business and incentives.
For his part, Amin Modad, Minister of Commerce and Industry,congratulated Liberty Investment for such an outstanding performance.
He said such an investment does not only impart their revenue stream, domestic revenue, and taxes as a government, but it also supports the endeavors to secure and ensure nutrition, quality food products, and beverages for Liberia. And it also helps support their agenda to create jobs, import substitution, and hopefully, the process of getting Liberians involved in the value chain associated with such investments.
"Now, the new dispensation and vision of the Ministry of Commerce and the government of Liberia focus on creating a predictable and enabling business environment, supporting value addition, and enhancing standards both for our domestic production and products entering our country," he disclosed. "Our strategy is to support Liberians participation in the relevant value chain.
According to him, the Ministry of Commerce will continue to support such an investment and will ensure that it makes available the non-physical incentives to encourage Aqualife and other investments in Liberia.
