Recently the national legislature overwhelmingly passed into the law the establishment of a tyres factory in Liberia by a single Indian business establishment, the Jeety Corporation.
Despite the occupancy of the world’s largest rubber company, Firestone in Liberia over nearly 200 years without manufacturing a single tyre or rubber material, the Jeety management has been lauded by Liberians and foreign residents for its initiative in investing in the sector.
However, in order to actualize its commitment to the people of Liberia its quest to improving the livelihood of all in the growth and development of the economy, the Coalition for Democratic Change (CDC) led Government of Liberia (GOL), through President George Manneh Weah, submitted the Jeety Rubber LLC Investment Incentive Agreement to the 54th National Legislature for ratification.
The company, which is expected to commence full operations in the country very soon, is owned by renowned Indian business tycoon, Dr. Upjit Singh Sachdeva.
He is commonly known as “Jeety” in Liberia
Dr. Sachdeva, is the Chief Executive Officer (CEO) of the Jeety Trading Corporation-a premier importer and distributor in hardware and building materials- and scores of other businesses across the country.
The agreement
Last week, the Liberian Senate concurred with the House of Representatives to pass the agreement.
The Senators’ action comes following hours of deliberation on a report submitted to the Plenary by the Committees on Concession and Investment, Ways, Means, Finance, and Budget, and Judiciary.
According to the agreement, Jeety Rubber LLC will construct, develop and operate a national rubber processing and production plant for the production of tyres and other natural rubber products.
It includes long and short rubber goods.
The processing plant is also expected to also produce hand gloves, rain boots, and rubber bands, among others.
The company will process approximately 25,000 tons of natural rubber per annum.
It compels Jeety Rubber LLC to consider the interest of local rubber traders and others during its purchasing of raw materials.
Benefits
In the wake of the high level of unemployment rate in Liberia, the Jeety Rubber processing plant agreement ratified by the Liberian government will help many citizens to put food on the tables for them and their respective households.
More than 300 Liberians are expected to gain full employment with the company upon the commencement of its full operations.
Additional citizens will also be accorded job opportunities following the expansion of the company’s operation.
Jeety Rubber LLC will also prioritize the purchasing of latex from small local rubber planters from across the 15 counties in a bid to help expand the Liberian economy, which is experiencing turbulent times.
Already local rubber producers are finding it very difficult to grow, harvest, or market their produce due to the lack of investment opportunities in the sector.
Citizens of the company’s area of operations are the ones that will be given preference in terms of job provision.
Combating poverty
The new agreement ratified by the government of Liberia has the proclivity to also combat against the high rate of poverty in Liberia.
It will alleviate sufferings among the citizenry through the provision of job opportunities and contributions to basic social services and empowerment opportunities in keeping with its corporate social responsibility.
Many believed that the establishment and commencement of full operations by the Jeety Rubber LLC in Liberia will now compel other foreign and local rubber production companies operating in the country to muster the courage to ensure the construct of companies to process the unfinished materials to finished goods.
When this is done, it would immensely contribute to combating against security threats in Liberia as a result of the influx of vulnerable youths who continue to roam across the country due to the lack of job opportunities.
Some young people in Liberia are engaged into unwholesome practices in the nation due to the lack of foreign-direct investment opportunities to guarantee their employments and in turn contribute towards addressing the immediate needs of them and their respective family members.
With the latest agreement signed and ratified between the Liberian government and the Jeety Rubber LLC, a win-win situation for all is certain in the wake of numerous challenges confronting Liberia and its citizens.
Credit: FPA
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