The House of Representatives has forwarded to its Committee on Investment, for review, the Investment Incentive Agreement between Liberia and CGL International Limited.
No sooner had President Joseph Nyuma Boakai submitted the Agreement, lawmakers took a decision to review the process.
Boakai had requested the legislature’s timely ratification of the proposed investment, valued at US$18 million.
The investment seeks to establish, and operate a natural rubber processing, and production facility in Bong County.
The project, if implemented, will process and manufacture rubber products, cocoa powder, wood products and rain boots.
Pres. Boakai said, the investment is expected to create approximately 300 direct jobs over a 10-year period, while generating “significant indirect employment opportunities, and stimulating economic activities in surrounding communities.”
Boakai disclosed how the Agreement aligns with the government’s agenda to promote domestic value addition, expand employment in the rubber sector, advance industrialization and encourage private sector-led economic growth.
He emphasized the need for the project to contribute to Gross Domestic Product (GDP).
Following the reading of the communication, the Plenary unanimously forwarded the proposed Investment Incentive Agreement to the committee on investment, with a mandate to review the document, and report its findings and recommendations within one week after the legislature reconvenes from its break.