Monrovia, Liberia – President Joseph Nyuma Boakai, Sr. has asked that the proposed US$18 million investment incentive agreement between the Republic of Liberia and CGL International Ltd., be promptly ratified by the Legislature. The president stated that the investment aims to create and run a factory in Bong County for the processing and manufacture of natural rubber. The project will process and produce rain boots, wood items, rubber goods, and cocoa powder.
According to President Boakai, the investment is anticipated to generate substantial indirect employment opportunities, boost local economies, and create some 300 direct jobs over a ten-year period.
The President added that the Agreement is in line with the Government’s plans to intensify industrialization, boost private sector-led economic growth, increase employment in the rubber industry, and promote domestic value addition. He underlined that the project will boost the GDP of the nation.
The Plenary unanimously sent the proposed Investment Incentive Agreement to the Committee on Investment after reading the communication. The committee was instructed to discuss the document and provide its conclusions and recommendations within a week of the legislature’s return from vacation.
Photo credit: HoR
