By Aminata Phidelia Allie
The Sierra Leone Investment and Export Promotion Agency (SLIEPA), has for the first time held an aftercare investor roundtable discussion to “facilitate a continuous public/private sector dialogue”.
According to the Chairperson of the SLIEPA Board of Directors, Gladys Strasser-King, the roundtable was a step in helping government to understand and respond to private sector concerns, especially as they relate to business environment constraints.
She said that SLIEPA had over the last five years attracted over US$ 10 billion of foreign direct investment into Sierra Leone which, she said, was largely in mining, agribusiness and tourism. As much as the government sought to attract more investment, she noted, it also recognised the need to protect existing investors by providing them with effective aftercare and improved investment environment through regular engagement and dialogue.
She said the government, through SLIEPA, believed that with the right approach and a business-friendly atmosphere, investors would not only stay but would also expand and take their businesses to higher levels. This, she noted, would resolve in a win-win situation for both the government and the investor.
Quite recently, she went on, President Ernest Bai Koroma led a delegation comprising both public and private sector investors “to the Benelux [Belgium, Netherlands and Luxemburg] countries partly to promote the private sector in the country”. Following the visit, she also revealed that there was, at present, a group of investors in the country.
She noted that potential investors often relied on existing private sectors operating in the country for an insight into the business climate, adding that should the climate be unfavourable, it would impact negatively on possible investment opportunities for the country. She furthered that SLIEPA relied greatly on the private sector to partner with them to open the door for greater economic activities “so that the country’s vision to attain a middle level income status by 2035 can be realised”.
Mrs Strasser-King observed that the roundtable should be held biannually, and should take the form of an open dialogue for pertinent issues affecting the effective operation of business “as well as those escalated by investors to SLIEPA from time-to-time”.
She said they intended to continue working closely with the private sector so that their challenges were addressed and promised their continuous stay on the playing field “as the country implements the Agenda for Prosperity”.
Declaring the forum opened, President Ernest Bai Koroma said his government strongly believed in the powers of the private sector, which, he said, was the reason the country’s economy was now among "the fastest growing in the world". He said it was the same power and knowledge that led him to make a commitment to run the country like a business.
“The future of investment is now guaranteed than at any time in the country’s history”, he said, noting that the roundtable was organised for Sierra Leoneans to take stock of their achievements, review their challenges and collaboratively come out with strategies that would sustain the country’s transformation.
He also described the event as a “platform for networking and exchanging views on business relations”, adding that its importance and timeliness could not be overemphasised.
As a country, the president said it was fair to admit there were challenges, “but for you business people, the challenges also present opportunities”. Though the country had improved its economic ranking, he said, there was a need for continuous improvement, challenging the trade and industry ministry “and focal persons concerned to ensure that within the next few years, we should be among the first 50 in business ranking in the world”.
Acting trade and industry minister, Alie Badara Mansaray said the country had been able to attract investment because it gave investors the opportunity to look at it not as the fragile state it used to be “but as a state that cannot just attract investment but can also nurture it. It is not enough to invite investors to come into the country but we also have to work to maintain them”, he stated.
He encouraged investors present to share their experiences and challenges, and urged discussants and the government to also express their challenges, expectations and frustrations, adding that the ministry recognised and valued the private sector and its efforts in creating employment to help promote development. He however acknowledged the fact that there were still challenges in meeting the expectations of locals which, he said, was why the ministry had come out with the local content policy “to bring together investors and the communities for a...mutual benefit”.
Statements were also delivered by development partners like the European Union (EU), World Bank and the African Development Bank. Present at the round table were Managing Directors, General Managers and Human Resource Managers from London Mining, African Minerals Limited, Dagnote, Benni Mix, Marika, Vita Foam, Sierra Leone Bottling Company and other public and private investment institutions.
Issues discussed were challenges facing investing in the mining sector, delays and unclear procedures in duty waivers, labour laws and relations in the judiciary, undue delays in getting approvals and signing MOUs, contracts and other burning issues affecting investment in the country.
(C) Politico 19/06/14
