Government officials and private sector leaders, have stressed the need for stronger public-private partnerships, innovation, and local business development as fundamental drivers of the next phase of economic growth.
At the Liberia Chamber of Commerce’s annual business luncheon in Monrovia over the weekend, senior government officials reaffirmed the administration’s commitment to foster an enabling environment for businesses, while business leaders advocated for enhanced support for Liberian-owned enterprises.
The event, celebrated under the theme: “Liberia’s Next Economic Chapter: Innovation, Trade and Leadership for Economic Transformation,” gathered government officials, members of the diplomatic corps, development partners, entrepreneurs, investors and leaders from the private sector.
Minister of state without Portfolio, Mamaka Bility, commended the Liberia Chamber of Commerce for facilitating collaboration between government and the business community.
Madam Bility said, the vision outlined in the government’s ARREST Agenda for Inclusive Development, recognizes the private sector as a vital engine for job creation, investment, productivity and national prosperity.
“President Joseph Nyuma Boakai, has consistently highlighted that a vibrant and competitive private sector, is essential for creating jobs, stimulating investment, enhancing productivity, and delivering broad-based prosperity for all Liberians.”
Madam Bility, further that the government’s development agenda aims to cultivate conditions that allow entrepreneurship to thrive and enable Liberian businesses to actively participate in the economic advancement.
She also praised officials at the Chamber of Commerce for their “supplier development program,” which Madam Bility said, has equipped Liberian-owned businesses with the necessary skills, information, and connections to engage in corporate supply chains, concession operations and public procurement opportunities.
“The Chamber’s initiatives are instrumental in strengthening local content participation, expanding market access and generating sustainable employment opportunities.”
Commerce Minister, Magdalene Ellen Dagoseh, reaffirmed the ministry’s dedication to promote trade, industrial development, protect consumers and investment growth.
Madam Dagoseh outlined ongoing reforms to enhance the way to ease doing business, fortify market systems, support value addition, and foster the growth of micro, small and medium-sized enterprises (MSMEs).
She meanwhile, spoke of the participation in the Economic Community of West African States (ECOWAS) Trade Liberalization Scheme, and the African Continental Free Trade Area (AfCFTA).
The two initiatives, Madam Dagoshe said, offer significant opportunities for Liberian businesses to access larger regional and international markets.
“Our goal is to create an environment where businesses can invest, innovate, compete, and grow while generating decent jobs and contributing to national development.” Liberia Chamber of Commerce President, Natty B. Davis, called for intentional government action to enhance access to finance Liberian-owned businesses.
Davis noted that while many local businesses secure purchase orders from large concession companies and corporations, they often lack the capital necessary to fulfill those contracts.
He stressed the need for financial institutions and government partners to develop innovative financing products that would enable local businesses to use purchase orders and contracts as collateral for short-term financing.
“A purchase order from a large company, is almost like money in the bank, yet, many local businesses struggle to secure the financing required to execute those contracts. We need focused efforts to create financial products that support local businesses and facilitate their growth.
Davis highlighted the importance for concession companies to increase local procurement.
He argued that purchasing more goods and services from Liberian businesses would stimulate economic activity, create jobs, and strengthen domestic enterprises.
He reiterated the Chamber of Commerce commitment to advocate for policies that would support enterprise development, investment, innovation, and inclusive economic growth as the country strives to build a more resilient and competitive economy.
