Senate Approves Fouta Corporation Quest To Establish Modern Cement Factory
The Plenary of the Liberian Senate this week gave ‘Green Light’ to the Fouta Corporation, a local company to begin operation of its modern factory in the production of quality cement to be sold on the Liberian and the sub regional markets at affordable price.
According to information, the approval of Fouta Corporation to compete with the Liberia Cement Corporation, which over the years was the only sold distributor of cement in the Country has abolish what was called monopoly over this sector.
The coming in of Fouta Corporation, the largest Liberian indigenous import/export trading company has been engaged in the import/export and distribution of rice, cement and steel bars since its incorporation and has also been a major player in the rice and cement sector with a solid network of international and local partners.
The brain behind this multi-million dollars project is Mr. Mohamed Sow, a renowned Liberian businessman is the Chief Executive Officer of the Fouta Corporation, he is also a managing partner of Conex Group J.V Ltd, an investment holding company started in 2007, with a vision to build value in the investment companies, by providing capital resources, support and highly skilled and talented management long term.
This newest initiative on the part of the Liberian Senate for the unanimously passage of the Fouta Corporation Incentive Agreement has trashed out the intent of a US$41M Dangote Cement Investment incentive Agreement which came into being in 2017.
Some Liberians who spoke to the GNN expressed excitement over the Liberian Senate decision to pass the Fouta Corporation Investment Incentive Agreement to establish a multi-million dollars cement factor in Liberia to compete with the Liberia Cement Corporation for a perfect open market.