The newly accredited U.S. Ambassador to Liberia Mark Toner paid a courtesy visit to the Minister of Commerce and Industry, Amin Modad on Wednesday at his EJS Ministerial Complex office, marking a significant step in reinforcing the economic partnership between the United States and Liberia.
The meeting underscored the strong partnership between Liberia and the United States, with a focus on enhancing economic growth and development through strategic interventions.
During the meeting, Minister Modad outlined his vision for stimulating economic growth, emphasizing a multi-faceted approach that includes significant investment in women and youth enterprises and SMEs, particularly those involved in cross-border trade.
He highlighted Liberia's readiness to leverage the benefits and opportunities provided by trade agreements such as the African Growth and Opportunity Act (AGOA) and the African Continental Free Trade Area (AfCFTA).
The Minister also discussed recent efforts undertaken to formalize the informal sector through business registration initiatives and underscored the Ministry's strategic priority of developing the capacity of small and medium-sized enterprises (SMEs).
Additionally, Modad emphasized the importance of providing training for trade officers and the inspectorate division, enhancing public-private partnerships, and investing in the Monrovia Industrial Park (MIP). The MIP is envisioned as a hub for local production, including the packaging of Liberia's staple food, rice, for both domestic and international markets.
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A key request made by the Minister was for institutional capacity development support from the U.S. government, particularly for the Ministry's inspectorate division, trade officers, and standard laboratory. This support is critical for Liberia to fully harness the opportunities presented by AfCFTA and AGOA, the latter from which the country has historically struggled to benefit due to capacity limitations.
The discussion also touched on Liberia's rubber sector, with the Minister expressing a desire to see greater value addition in the industry. He specifically mentioned the potential for producing rubber products, such as tires, within Liberia and urged the Firestone Plantation Company to reestablish the rubber wood factory that incorporates Liberians into the sector's value chain.
The Minister further highlighted planned interventions by Sethi Brothers, aimed at establishing rehabilitation centers for youth, to better integrate them into the economy.
The U.S. Ambassador Mark Toner welcomed the Minister's comprehensive vision and efforts to advance the Liberian economy through innovative strategies. He particularly noted the importance of addressing the challenges faced by Liberia's youth, many of whom require training and support to actively participate in the economy.
The Ambassador also emphasized the need to break the cycle of dependency and corruption and agreed with the Minister that focusing on inclusive economic growth would lead to more sustainable outcomes, including job creation and wealth generation, compared to past support predominantly focused on sectors like health.
Both parties concluded that sustained investment in the economy is crucial for Liberia's future prosperity.
