As part of efforts to further buttress the upliftment of Liberian- own businesses, Maryland County District 3 Representative, Austin B.Taylor, has presented to the Plenary of the House of Representatives, an instrument entitled: “An Act To Amend section 5 of the National Investment Commission Act of 2010 to include SUB-SECTION 5.3: EMPOWERMENT LIBERIAN OWNED BUSINESSES” for consideration and possible passage by the House of Representatives.
Speaking in Monrovia recently, Rep Taylor said the government should ensure greater inclusion of the Liberian people in the mainstream of the economy, by demonstrating collective attention in providing the necessary empowerment.
It is upon this backdrop that he has decided to enact the basis outlined in the above adjustment of the National Investment Commission Act-2010.
He said if this amendment passed, it will create an environment exclusive of the needed empowerment of Liberian- owned businesses by mandating spending entities, foreign investors/companies to give the needed opportunities that will leverage growing enterprises owned by Liberians across the country.
According to him, the rapid growth of the economy substantially depends on the vibrancy of the private sector empowered by opportunities created for the promotion of Liberian- owned businesses to competitively participate in the economic activities of the country.
He also told Plenary that there exists no direct national policy framework to empower Liberian- own businesses to measure up to the growing demand for the control of the private sector driven economy, stressing that Article 8 of the 1986 Constitution mandates the Republic to direct its policy towards ensuring for all citizens without discrimination opportunities for employment and livelihood among others.
Rep. Taylor also maintained that if the Act is enacted by the Liberian Senate and the House of Representatives, it shall be cited as the Amended National Investment Commission Act of 2025, which according to him, is Section 2, Amendment to section 5 of the National Investment Commission Act of 2010.
The Maryland County District 3 lawmaker further said Section 5 of the National Investment Commission Act of 2010, if amended, will include subsection 5.3 ( Empowerment of Liberian Businesses), exclusive award of contract for procurement of goods and services to Liberian- owned businesses, which according to him, mandates that contract for procurement of goods and services needed by foreign investment/ companies in the operation of concessions in Liberia to be exclusively awarded to Liberian- own businesses through a competitive bidding process.
The procurement of local contract in the operation of foreign investment which includes all foreign investment operating in Liberia and shall be required to procure through the Liberian- owned businesses for local content of any goods and services needed for the operational activities of the industry.
Compliance methodology, where the National Investment Commission shall established a compliance mechanism as a concession in Liberia through deployment of agents, with mandate to ensure zero tolerance compliance by stakeholders, among others.
He, meanwhile, urged members of the House of Representatives to pay urgent attention to the Act for the betterment of the country.
The bill was forwarded to the Committees on Commerce and Judiciary to report upon the return of the House.