LAUNCHES US$19.4 MILLION SPECIAL AGRO-PROCESSING ZONE PROJECT
Monrovia, Liberia – The importance of unity among Liberian entrepreneurs has been underscored by Vice President Hon. Jeremiah Koung in order to propel corporate success and promote national development.
Vice President Koung emphasized the value of cooperation among Liberian company owners during the formal launch of the Special Agro-Processing Zone (SAPZ) project on behalf of President Joseph Nyuma Boakai on Wednesday, July 31, 2024, at the Free Zone in Bushrod Island, Monrovia.
With funding from the African Development Bank (AfDB), the SAPZ initiative seeks to advance economic growth and the agriculture industry. Drawing on this background as a businessman prior to entering politics, Vice President Koung recognized the current gaps in advancement between enterprises owned by foreigners and Liberians.
In line with the success that overseas peers have attained through similar partnerships, he emphasized the advantages of efficient collaboration and joint ventures among local entrepreneurs.
VP Koung emphasized that collaboration among Liberian businesses is essential to achieve shared objectives, pointing to the unrealized potential for progress in the agriculture sector through teamwork.
The launch of the US$19.4 million initiative signals the beginning of a five-year strategic plan to establish and regulate special economic zones, driving trade activities, economic growth, and creating employment opportunities in line with the government’s ARREST Agenda.
Pointing out that a sizable portion of Liberia’s palm oil is now processed in neighboring Sierra Leone, Vice President Koung called for additional government investment in local oil processing.
He emphasized that Liberia is losing out on an economic opportunity as over 90,000 metric tons of palm oil are processed for different uses each month in Sierra Leone.
Photo credit: Vice President Office
