Monrovia — Liberia's Vice President Jeremiah Koung has underscored the need for Liberian entrepreneurs to collectively work together if they must become successful in their businesses and help develop the country.
According to him, delay in the progress of Liberian-owned businesses led to the failure of its owners to collectively work together to improve their businesses.
He observed that many foreign business owners are making progress in Liberia as compared to Liberians.
He made these assertions when he officially launched the Special Agro Processing Zone (SAPZ) project which is being supported by the African Development Bank (AfDB) in Liberia on behalf of President Joseph Nyuma Boakai at the Free Zone on the Bushrod Island, outside Monrovia on Wednesday, July 31.
The launch of the over US$13M project paves the way for the holistic implementation of a five-year strategic plan to include the designation and regulation of special economic zones.
The plan roll-out will stimulate high volume trade activities, economic growth, and provide new employment opportunities in alignment with the government's ARREST Agenda.
Vice President Koung added that most often foreign entrepreneurs residing in the country, engage into joint-venture with others to improve their businesses or establish new ones.
"There is no Liberian business that I have not been involved with in my life. I understand from down there. And one of our weaknesses is, we don't work together as a people. We have to work together; if we do that, we will progress. If we work together, the agriculture sector is very big; we can employ this whole country."
Vice President Koung stressed that Liberians must engage into joint-venture to make significant progress in the society.
Speaking further, the Liberian Vice President underscored the need for the government to invest in oil processing in the country.
According to him, about 80% of palm oil from Liberia is being processed in neighboring Sierra Leone for the production of agro oil, washing and bathing soups, amongst others.
He disclosed that about 90,000 metric tons of palm oil are being processed on a monthly basis in the neighboring country.
Vice President Koung stressed that it is now time that the government put aside between US$25 to US$30M and empower local Liberian entrepreneurs, through the commercial banks, to engage into oil palm processing in the country.
He stressed that a competitive vetting process must be put in place to select Liberian owned companies that are qualified to do so.
"When I came back (from my working visit to Sierra Leone), I told the President that, Mr. President, if somebody next door can see what we got and the 80% of palm oil they are taking from Liberia, which is not even 30% of what we got, we can build a bigger plant here that can supply the market."
Vice President Koung observed that the lack of palm oil processing plant in Liberia makes it compelling for companies, including Golden Veroleum, Maryland Oil Palm Plantation (MOPP) to export their raw products out of the country for processing.
He observed that it would take more time for international financial organizations and partners to provide funding to the agricultural sector and as such, the government should take the lead by doing so through budgetary allotment.
He said the oil processing plant must be ideally constructed in Buchanan, Grand Bassa County.
Vice President Koung observed that Liberia will commence the production of margarine, agro oil and other products as compared to neighboring and other countries if an oil processing plant is constructed here.
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He further claimed that the SAPZ project aligns with President Boakai's vision towards promoting industrialization and agriculture in the post-conflict nation.
He used the occasion to commend the AfDB for its continuous support to numerous sectors in Liberia.
Vice President Koung pointed out the potential of south-eastern Liberia, with a call for huge investment in the area.
He said it is now time for the government to be more "practical than talking" in promoting agriculture and industrialization across the nation.
"We've been talking, talking and talking. All of those policies- ARREST agenda, Pro-Poor and Mat to Mattress, there are good things there. But implementation is our problem in this country. That's why we have to be more practical now and stop talking."
