In a bid to attract investment, President George Weah has unveiled Liberia’s diverse business opportunities and climate to Israeli business executives.
The Executive Mansion disclosed in a release that Weah arrived in Israel for a state visit on February 25 and has been meeting with business executives, making field trips and giving speeches on the rich potential of critical sectors, including agriculture, mining, energy, tourism, and technology.
According to the release, the president also spoke at the Israel-Liberia Forum for Economic Cooperation and Sustainable Development on Tuesday, February 26 and assured the group that his government had developed and created a framework for attracting, protecting and sustaining foreign direct investments beneficial to Liberians and the outside world.
He commended the organizers, the Africa-Israel Chamber of Commerce and the government of Israel, for organizing the investment forum. He said a clear and practical roadmap for increased Israeli investments in Liberia would further enhance and cement relations between the two countries, adding that the relationship with Israel would greatly help in the realization of the government’s Pro-poor Agenda for Development.
But he told Israel’s senior officials and business executives that his mission to cement relations with Liberia’s traditional allies, including the state of Israel, was aimed at actualizing his government’s Pro Poor Agenda for Development.
He also assured the government of Israel and the potential investors that his administration had instituted several policy initiatives to create a comfortable business environment in Liberia, such as a harmonized and simplified national business registry.
“As a result of critical reforms at the National Investment Commission, potential investors now have a one-stop-shop and a transparent list of regulatory requirements to establish their businesses in Liberia,” the release quotes the president at the forum.
“Our investment incentive regime has also been reformed, enabling investors who qualify under our liberal system to benefit from significant fiscal reliefs.”
The president further disclosed that a Business Climate Improvement Working Group has also been established and is being chaired by Finance Minister Samuel Tweah. He said since its establishment, the working group has continued to identify and tackle prohibitive bottlenecks that stifle the business and investment environment, which has led to a more seamless process of investing in the country.
As a result of these initiatives, Weah said the period for registering a business has greatly reduced from 18 to five days.
Featured photo courtesy of the Executive Mansion