President George Weah has said his government looks forward to a stronger partnership with the private sector in order to boom the country’s economy and promote fair business environment in the country.
The Liberian leader said the government would ensure that all constraints in the way of improving the private sector are removed for strong economic and business environment. President Weah spoke Tuesday, July 24, 2018 at the Liberia’s Private Sector Forum organized by the International Finance Corporation (IFC), a component of the World Bank Group.
“The launchof the Private Sector Engagement Forum for Liberia shows my conviction that the private sector is an important strategic partner of the government of Liberia as its implement the Pro-Poor Agenda for prosperity and development in the country,” the President noted. President Weah furtherassured the private sector and business community in Liberia of his government’s commitment and determination to implement partnership cooperation, which is the foundation of the engine of growth.
“Today, I feel convinced to discuss ways of meaningfully engaging the private sector in the Liberian business environment; I want to personally assure you of the sincerity and determination of my government to give priorities to this sector and to work directly with you to lessen the constraints and lower the cost of operating your businesses in Liberia,” President Weah said.
Speaking further, the Liberian President maintained that his government will ensure that things that pose challenges to the smooth operation of the private sector and business environment are addressed, if there should be a vibrant economy and the creation of job opportunities in the country.
“Through the relevant ministries and agencies, government will further avail itself as we seek to work together to ensure that we continue to enjoy the sustained and inclusive peace and prosperity we experience today as a country,” President Weah indicated.
The Liberian leader described private sector as the engine behind the success stories of governments and nations around the world and especially in developed countries, and added “As such, private sector in Liberia will remain an integral partner to Liberia’s private sector drive.”
“It is well known that around the world and especially indeveloped country, the private sector is the main engine of growth and accounts for a large majority of jobs created in those economies.We will like to replicate this model in Liberia so as to create the significant job opportunities for our youthful population,” he emphasized.
“It’s my government’s expectation that when given the requisite priorities and support, the private sector will initiate and implement projects across all productive sectors of the Liberian economy.”
President Weah expressed confidence that by creating a vibrant private sector where both domestic and foreign investors can freely and fully participate in the economy, there will be the experience of better opportunities for hiring more employees and capable Liberian workforce.
The Liberian leader emphasized that there were numerous opportunities in all aspects of the agricultural sector for potential economic impact that Liberia’s entrepreneurs could achieve with their participation in the distribution of value-added products.
He said: “We invite private investors to take advantage of the opportunities in infrastructural development, such as roads, telecommunications, posts, logistical services, other areas as health, education, fishery, aquaculture and ecotourism”.
The Private Sector, according to the IFC, has a key role to play in Liberia’s development. It is the main engine of growth, innovation and inclusion and accounts for up to 80% of jobs created in certain economies.
“A vibrant private sector where both domestic and foreign investors freely participate in the economy will create better opportunities for businesses and lead to more jobs for Liberians,” IFC said in its background note.
The Forum soughtto discuss the main challenges to private sector expansion in Liberia and how to address those challenges; share knowledge on successful initiatives supporting private sector growth in Liberia elsewhere; identify key areas/sectors where private sector can have optimal impact for the benefit of the Liberian economy and discuss how to coordinate support to private sector development in Liberia among others.