Liberia Woos Chinese Investors

Posted by Staff Writer on Thursday, July 16, 2009 at 8:02pm.

The Liberian Government is taking a proactive approach towards attracting foreign direct investment to their country. Just last week, a high level delegation led by Vice President Joseph Boakai went to China. The delegation held a series of discussions with Chinese officials aimed at further strengthening trade ties between the two countries.

During discussions with the Vice Mayor of Shanghai, Tang Dengjie, Vice President Boakai and Planning and Economic Affairs Minister Amara Konneh encouraged Chinese businessmen to consider investing in post-war Liberia.

Vice President Boakai and Planning Minister Konneh informed officials of the Municipality of Shanghai that most of Liberia’s natural resources are intact and that the post-war nation has immense investment potential, especially in the mining, agriculture, transportation and communication industries.

Vice President Boakai called on Chinese shipbuilders to consider establishing a ship building plant in Liberia, noting that this would help the war-torn nation to diversity its transport sector.

“We would like to see our goods moved by sea; so interest could be manifested in that area. Small boats can help to move goods and services easily in a nation whose road network is in a state of disrepair.  Indeed there are lots of business opportunities in Liberia,”
he emphasized.

Speaking during the meeting, Planning and Economic Affairs Minister Konneh noted that investment opportunities can also be found in the fishing and mining industries, pointing out that the Beijing based Chinese company, China Union, has signed an agreement worth more than one billion dollars with the Liberian government for the extraction of iron ore in Liberia.

He said statistics have shown that an estimated ten percent of imports into Liberia come from China, noting, “This means that there is increasing demand for Chinese goods’” Mr. Konneh noted.

He said with the huge development taking place in China, especially in the construction area, the demand for steel would increase, adding “Liberia will be a good place to turn for extraction of iron for steel production”.

“We will appreciate China venturing into Liberia so that the two countries can forge a partnership in iron ore mining and other areas,” Mr. Konneh emphasized..

In remarks, the Vice Chairman of the Municipality of Shanghai, Mr.Dengjie said companies are the major players in the Chinese economy.

He promised to work with the Chinese Ambassador to Liberia, His Excellency Zhou Yuxiao to see whether there are Chinese companies interested in investing in Liberia.

Recent high profile investments in Liberia include a new luxury four-star ocean view resort and villa owned by the founder of Black Entertainment Television (BET), Bob Johnson. The hotel was opened by the President Ellen Johnson Sirleaf, last month.

The Liberian government also signed a controversial $2.6 billion agreement with a Chinese company, China Union, to excavate for iron ore at the country’s western former Bong Mines. The agreement, signed in January, is said to be the biggest ever investment in Liberia.