Authorities at the Ministry of Commerce and Industry, and other institutions, have launched a joint enforcement operation to protect businesses reserved exclusively for Liberian citizens.
The event was recent launched in Katata, Margibi County.
The operation, conducted in collaboration with the Ministry of Labour, Justice, inspectors and enforcement officers to assess businesses operating in sectors exclusively reserved for Liberians under the investment laws.
The initiative forms part of effort to protect Liberian-owned businesses; promote fair competition, and ensure that foreign nationals operate within the legal framework established by the Investment Act. During the inspection exercise, officials visited several business establishments to verify business registration documents, work permits, labor compliance, and ownership structures. Authorities focused particularly on businesses suspected of operating in sectors reserved exclusively for Liberians.
Commerce Minister Madagale Ellen Dagoseh, reaffirmed government’s commitment to enforce the law and safeguard economic opportunities for Liberian entrepreneurs.
The reserved business policy was established to empower Liberians economically, and create opportunities for local businesses to grow and thrive.
Madam Dagoseh: “We remain committed to ensure full compliance with the laws governing commerce and investment.” Under the Liberia Investment Act of 2010, several business activities are reserved exclusively for Liberians, including small-scale retail trade, operation of gas stations, tire repair shops, block-making businesses, and the sale of certain commodities.
Madam Dagoseh said, the law was enacted to strengthen local participation in the national economy, and encourage sustainable economic empowerment for Liberians.
Labor Minister Cooper Kruah, also assessed labor conditions, and verify the legal status of employees working within the inspected businesses. Kruah said, it was necessary step to protect local businesses, while others called for increased awareness and engagement to ensure that all operators fully understand the requirements of the Investment Act.
The exercise in is part of an ongoing nationwide enforcement campaign to strengthen regulatory oversight, and improve compliance in the commercial sector.
The government however urged all business operators to regularize their activities and comply with the commerce, labor, and investment regulations to avoid being sanctioned.