Monrovia, Liberia – At the India-Africa Business Conclave in New Delhi, India, Vice President Jeremiah Kpan Koung argued in favor of Liberia, citing the two countries’ long-standing diplomatic ties that had persisted for more than sixty years.
Speaking at the conference on August 21, 2024 in India, the vice president of Liberia stated that when Liberia accepted India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs), the two countries started a new trade agreement in 2012.
He claimed that 94% of all tariff lines are covered by India’s preferential market access for Liberia’s exports under the program. Over US$ 325 million has been traded bilaterally between the two countries to date.
Since then, more than 2,000 Indian citizens have made Liberia their home, according to Koung, who also said that the Indian community’s primary economic activities are manufacturing, services, and trading.
“There are about 150 Indian companies operating in Liberia, ranging from small trading firms to medium manufacturing enterprises.”
The Vice President stated that fostering trade and investment in Liberia is a fundamental aspect of President Joseph N. Boakai’s vision and that the government’s ARREST agenda is essential to improving the lives of the people. He praised India for becoming the biggest rice exporter in the world, with an estimated 16.5 million metric tons exported in 2024.
“This establishes India as a prominent global producer and exporter of rice, as well as a nation that has achieved remarkable success in the fields of manufacturing, health, and agriculture.”
According to Vice President Koung, India is Liberia’s largest importer of rice, costing the country approximately US$ 140 million annually. However, he has expressed interest in learning more about the technology, skills, and knowledge India has used over the years to support a thriving agriculture sector, believing that India’s agricultural successes are worth replicating and that Liberians are ready to pay attention to and absorb lessons from their experience.
According to Vice President Koung, the government of Liberia is interested in investing in its own farmers by giving them access to finance, expertise, technology, and equipment to support local production in the medium to long term, and to move away from importing rice.
“On July 10, 2024, President Boakai officially launched the National Agriculture Development Plan (NADP), a visionary six-year blueprint designed to transform Liberia’s agricultural sector and achieve self-sufficiency in food production. Our strategy is to leverage on Liberia’s abundant agricultural resources and transition our country from dependence on food imports to a state of abundance and self-reliance,”
He noted that attending the Business Conclave, the government of Liberia is demonstrating its commitment to finding possible investors in the agriculture sector in particular and to promoting investments in other profitable industries.
Vice President Koung explained that in order for Liberia to achieve socioeconomic development, jobs for its people must be created. He also said that it is the government’s duty to inform friends and allies about the prospects for trade and investment that Liberia offers.
The vice president of Liberia expressed his continued optimism that the next meetings and the Business Conclave will strengthen new alliances and give people in Liberia hope again.
He did, however, reiterate Liberia’s dedication to the two-way relationship and congratulate the Government and People of the Republic of India the continental assembly.
Reported by: Prince Saah
Contact: +231778239813
Email: saahprince119@gmail.com
