Monrovia — President Joseph Nyuma Boakai has described as "huge investment" the steel manufacturing extension and recycling plant construction of the Sethi Group of Companies operating in the country.
According to him, the new investment portfolio of the company would help improve the Liberian economy and provide job opportunities for thousands of Liberians.
President Boakai made these comments when toured and cut ribbon for Phase II Steel Plant project and recycling plant project of the company in the Jamaica Road Community on the Bushrod Island, outside Monrovia on Friday, April 18.
He recognized that the industrial investments being carried out by the company are significantly helping to improve economic activity and directly contributing to the livelihood of Liberians.
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He emphasized that such ventures go beyond mere profit-making. "This is not just about investment; it is about improving people's lives, equipping them with skills, building their confidence, and strengthening the economy. This is a huge investment, and we want to say thank you," the Liberian Leader said.
President Boakai commended the company's leadership and expressed his willingness to protect and support businesses that operate within the confines of the laws of Liberia and contribute meaningfully to national development.
"From what I see here--the cement business and other activities--this means jobs and income for our people. You are creating opportunities not only within your company, but also for others through distribution and related businesses," he noted.
He, however, encouraged employees of the company and Liberians in particular, to take ownership of such investments by contributing to its growth and sustainability.
"To all of you working here, we encourage you to help this business grow. Sometimes, our practice is to destroy the very thing that sustains us, but we must do better. The stronger this investment becomes, the better it will be for you, your children, and the future of this country," he added.
Also speaking, the Managing Director of the Sethi Group of Companies, Jay Sethi, pointed out that the Phase II expansion of the steel plant is expected to increase direct employment to over 4,000 jobs within the next two years, while maintaining strong corporate social responsibility initiatives.
Currently, he disclosed that the company has employed over 2,500 people and created more than 500 indirect jobs in the steel scrap sector--contributing to both economic activity and environmental sustainability.
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He further described Liberia as more than just a place of business, calling it home for his family, which has lived in the country for over fifty years.
Sethi, however, highlighted the company's evolution from trading to manufacturing and its ongoing role in Liberia's economic transformation.
Also speaking, Indian Ambasador Manoj Bihari Verma, commended the Liberian government for fostering an enabling environment for private-sector growth and strengthening bilateral relations between Liberia and India.
He observed that Indian-owned businesses continue to play a vital role in Liberia's growing economy.
Ambassador Verma further reaffirmed his government's commitment to deepening its partnership with Liberia through capacity building, trade, and investment, while commending the Sethi Group of Companies for its sustained contribution to the country's economic development.
