Liberia has joined the ECOWAS Small Business Association to boost regional trade.
By: Naneka A. Hoffman
Monrovia, Liberia, November 28, 2024 – The President of the Liberia Business Association (LIBA) James M. Strother, says the institution has joined the Economic Community of West African States (ECOWAS) Small Business Association.
The partnership is aimed at facilitating exportation of Liberian-made products across the West African region.
Speaking in an exclusive interview at the LIBA headquarters, Mr. Strother explains that the collaboration followed endorsement of ECOWAS’s Small Business Association forum held in Abidjan, Ivory Coast, from November 19-22, 2024.
He says the partnership would help boost the Liberian economy and create job opportunities for the country’s youths.
He notes that the involvement of LIBA in this regional initiative would contribute to economic growth and increased trade in West Africa.
Mr. Strother is concerned about foreign encroachment on businesses that are legally reserved for Liberians.
He cites industries such as sand mining, brick-making, and ice cream production, which are meant to be controlled by Liberians.
He urges the government to impose fines on foreign businesses operating in these sectors in violation of existing regulations.
He calls for the Liberia Business Registry (LBR) to deny business licenses to foreigners engaged in these restricted sectors, emphasizing the need to protect Liberian-owned businesses from unfair competition.
“Liberians are tired and need their rightful economic position in their own economy. If the government does not stop granting licenses to foreigners in these critical sectors, we will take our own constructive actions,” he says.
He stresses the importance of ensuring that Liberia’s retail sector remains dominated by Liberian-owned businesses, which he views as essential for the country’s economic development.
The LIBA President also points at the involvement of foreign enterprises in retail sectors like sand mining, brick factories, and retail mineral water production, which he laments, is harming local businesses, leading to increasing debts for Liberians in these industries.
He calls on the Liberia Business Registry to halt issuance of licenses to foreign businesses in certain industries to help stimulate economic empowerment for Liberians.
He says LIBA would collaborate with the National Identification Registry (NIR) to assist Liberian business owners in obtaining ID cards to make it easier for them to travel across the ECOWAS region.
According to him, this would also support the Liberia Revenue Authority in generating vital revenue for the country.
He encourages African entrepreneurs to strengthen subregional trade, highlighting its commitment to working with the private sector to foster economic growth across West Africa. Editing by Jonathan Browne
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