Sierra Leone’s President, Dr. Ernest Bai Koroma has called on investors to commit themselves and do business in Sierra Leone.
At the Queen Elizabeth Conference Centre, Westminster West Central London, where the government was organising the two-day Trade and Investment Conference, the President said his government has been focusing on improving the investment climate by streamlining tax administration, enacting a new companies law and cutting red tape.
He said in addition to the protections against expropriation already enshrined in the Investment Promotion Act of 2004, his government has signed Bilateral Investment Treaties and Double Taxation Treaties with other countries and is able and willing to do so as the circumstances demand.
“I am proud to say that Sierra Leone is now one of the top five countries in Sub-Saharan Africa when it comes to investor protection and the ease of starting a business,” the President said.
He said his government is currently passing a new Minerals Act to ensure greater transparency and a fairer deal for investors and communities.
The President thanked partners and friends especially the United Kingdom government for their support.
President Koroma catalogued some of his country’s growing potentials which are open to investment including; agriculture, energy, fisheries, mineral resources to mention but a few, adding: “our country is blessed”
He said since the war ended in 2002, Sierra Leone’s economy is expanding at an annual rate of around 6 percent with and the country will this year will enjoy its tenth year of uninterrupted growth even in the face of the global economic downturn.
At 4 percent this year, the IMF is forecasting that Sierra Leone’s growth will be more than double the average for the rest of Africa, according to the President.
With stability fully returned, the President said his government has been able to look beyond the troubles of the past to the promise of the future and that promise, he said, is captured in what he calls the Agenda for Change.
“The Agenda for Change aims to put Sierra Leone on the path from aid dependency to a dynamic, self-sustaining economy. It focuses on investment and reform in the key strategic sectors which are most critical to unlocking the full productive potential of our economy,” the President said.
Minister of Trade David Carew said he was impressed with the turn-out and believes the forum will encourage investors to come to Sierra Leone and invest.
“It’s time to come and invest in Sierra Leone,” Carew said
Chairman of the occasion, Dr. Kandeh Yumkela, said the forum is about the future of Sierra Leone and that it is an expression of the country’s aspiration and faith as a people of where they want to be in the next five to ten years.
“As Sierra Leoneans, we have shown our readiness to engage with the rest of the world by consolidating peace we have shown our resolve by successfully completing two peaceful National and Presidential elections in six years and we continue to work purposefully on reinforcing national security and addressing poverty – in short, we as a people, have agreed to give good governance and political pluralism a chance. For this, we know that we must now invest in economic transformation, wealth, creation, youth employment and inclusive growth,” the Chairman said.
In a related development, the United Kingdom Minister of International Development has said his government will continue to support Sierra Leone – a country he referred to as land of opportunities.
Gareth Thomas was speaking on behalf of his government at the Trade and Investment conference here at the Queen Elizabeth Conference Centre in London.
“The UK government will continue to be a strong arm of the government of Sierra Leone,” the minister said.
He praised the government of President Koroma for embarking on successful economic reforms, adding that the Sierra Leone government has developed a very decent and impressive track record by meeting all of their World Bank economic targets.
The British minister described the Trade and Investment conference as a positive step towards the right direction – saying, “this is an important and symbolic day for Sierra Leone.
He praised the Sierra Leone Diaspora Initiative which he said is contributing greatly towards the economy back home in Sierra Leone.
“The diaspora network is contributing $150million every month to their people back home,” he disclosed and said that his government will work towards strengthening the diaspora network.
Also, former Britain Prime Minister, Tony Blair has described President Dr. Ernest Koroma as a visionary leader with a clear purpose.
Blair made these remarks while endorsing the President’s call for investors to go into Sierra Leone and do business.
He said people should stop talking about the past and focus on the present especially now that the country has a visionary leader.
The former PM said Sierra Leone now has extra-ordinary potentials and that the people of that country are desperate to move forward.
He said Sierra Leoneans want a new future for themselves, but they need partners to achieve that future.
“They want to build a new future for themselves and by themselves,” the President said.
Blair said all that he has been saying about Sierra Leone is true and that the country is now comfortable for business.
“All that I have been saying about Sierra Leone is true; the potentials in tourism – beautiful beaches, the stability the country is enjoying and above al the friendliness of the people,” Blair said.
He therefore called on potential investors to go to the country and have a first hand information about the country.
“Go to Sierra Leone and see it for yourselves,” Blair said.
Meanwhile, the Secretary of State United Arab Emirates has told President Dr. Ernest Bai Koroma that her government was ready to assist the people of Sierra Leone in several developmental areas.
Her Royal Highness Reem Hashim was speaking in a closed door bilateral talks with the President shortly after delivering his keynote address at the Trade and Investment conference in London.
She said she was at the conference to personally assure the President of her government’s support to Sierra Leone, which she said is a testimony of how much respect her government has for the President and his government.
She told the President that they are excited to work with the government of President Koroma and become one of the country’s main development partners.
Responding, President Koroma thanked Her Royal Highness for her government’s trust and confidence on his government.
The President expressed his government’s willingness to work with the UAE as development partners.
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