The plenary of the Liberian Senate has mandated its Committees on Concession and Investment, Ways, Means, Finance and Budget to scrutinize an agreement for the establishment of a rubber processing plant in the country.
The Investment Incentive Agreement between the Government of Liberia (GOL) and Jeety Rubber LLC was submitted to the Senate by President George M. Weah during the 15th Day Sitting of the Special Sitting of the Senate on Thursday, December 14, 2021 based on a communication seeking the Senate’s ratification.
Centered on a motion proffered by Bong County Senator, Prince K. Moye, the plenary resolved that the committees carry on the necessary works and report within a week for further actions.
In his communication, President Weah indicated that, under the agreement, the investor shall construct, develop and operate a national rubber processing and production plant for the production of tyres, rubber bands, condoms and other natural rubber products, as long and short rubber goods.
Accordingly, he added that the plant, when established, will be expected to process 5,000 tons of rubber per year.
President Weah noted that the establishment of the plant for natural rubber processing and production will be the first major processing plant in Liberia and will be located primarily in electoral District #5, Margibi County.
He added that the investment will have significant benefits to the local economy, including foreign currency and also support local small-holder farmers.
At the same time, the Chief Executive acknowledged that the agreement, if ratified, will last for a period of 15 years.
“Honorable President Pro-Tempore, I therefore urge the Liberian Senate to ratify this agreement since it will, among other things, contribute to our economy by adding value to job creations,” President Weah noted.
The bill is sponsored by Montserrado County Senator, Saah H. Joseph.