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LSEZA, USAID Partner to Boost Investment in Liberia

by The Liberian Investigator
November 15, 2024
in News
Reading Time: 2 mins read
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LSEZA, USAID Partner to Boost Investment in Liberia

Monrovia – The Liberia Special Economic Zone Authority (LSEZA) and the United States Agency for International Development (USAID) recently concluded a two-day stakeholder meeting in Monrovia, aimed at fostering stronger partnerships and promoting both domestic and foreign direct investment in Liberia.

This initiative forms part of a broader effort to stimulate economic growth and create new business opportunities within the country.

Speaking at the event on Wednesday, November 13, 2024, LSEZA Executive Chairperson Prince A. Wreh highlighted the importance of sustained campaigns to support Liberia’s economic zones. He noted that targeted efforts by LSEZA could unlock growth opportunities in key sectors such as manufacturing, agriculture, value-added products, aquaculture, tourism, and sanitation.

Over the past four years, LSEZA has developed a strategic plan aligned with the government’s five-year national development agenda. Wreh described the workshop as the beginning of a collective economic strategy to drive investment and development.

“This collaborative engagement allows stakeholders to come together, receive training, and align on a shared vision for attracting future investments,” he stated. He also encouraged participants to draw lessons from successful economic models around the world and the legacy of former President William R. Tolbert, whose policies prioritized foreign investment and regional trade.

Wreh expressed gratitude to USAID for their support and urged participants to leverage the knowledge shared during the workshop. He emphasized that this knowledge would be instrumental in establishing the proposed Secretariat, which will focus on advancing Liberia’s economic zones. “We are actively exploring new opportunities for engagement with USAID as a valued partner,” he added.

In her remarks, Hattie Hunder, Human Resources and Administrative Manager at LSEZA, explained the authority’s role in developing and regulating Liberia’s designated economic zones. She noted that five zones have already been designated, with room for expansion to attract further investment.

Hunder stressed that these economic zones not only aim to attract direct investment but also provide a platform for Liberian businesses to thrive. “Our outreach efforts include identifying companies and businesses that require regulatory support, ensuring they can operate under appropriate conditions while fostering community-wide benefits, not just investor gains,” she explained.

She further emphasized the critical role of private-sector cooperation in achieving LSEZA’s objectives, adding that participants from the workshop would play key roles in newly formed working groups.

The two-day engagement concluded with a proposal to establish a Secretariat composed of representatives from donor agencies, public and private sectors. This collaborative structure aims to unlock Liberia’s economic potential by creating a technical working group and fostering consensus among stakeholders.

Participants included representatives from the private and public sectors, USAID, and other key institutions, underscoring Liberia’s commitment to sustainable economic growth.

Tags: LSEZAUSAID
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