Home NewsLiberia House of Rep. ratifies Investment Incentive Agreement

House of Rep. ratifies Investment Incentive Agreement

by T. Wholquoi Yeahgar

MONROVIA, LIBERIA-The House of Representatives has ratified an investment incentive agreement between Liberia and G-5 Plus Incorporated.

The decision was reached recently following a report from the Joint Committee on Investment, Judiciary and Commerce.

According to ELBC Legislative Reporter, the Committee noted that the agreement is for the expansion of the Company’s existing plant, to include the production of alcoholic beverages in Parker Paint, Montserrado County.

The agreement was entered into on August 3, 2022.

The Joint Committee further noted that the expansion of the plant will serve as a source of economic growth, attract more foreign direct investments, create jobs add value to products and directly benefit the lives of citizens within the concession area.

Plenary unanimously agreed for a revision of the agreement after five years of operation, warning that a breach of contract shall lead to revocation.

Meanwhile, Bong County Representative Marvin Cole sought and was granted a motion for reconsideration against the ratification, pending submission of the instrument to the Senate for concurrence.

At the same time, the Joint Committee on Commerce and National Security at the House of Representatives is investigating the status of the recent drug bust in Monrovia.

The Chairman of the Committee, Representative Samuel Kogar, told a news conference over the weekend that Ministries of Justice and Defense, the Liberia Drug Enforcement Agency (LDEA), the Liberia Immigration Service (LIS), Liberia Revenue Authority (LRA) and AMP Terminal, among others, are parties to the investigation.

Representative Kogar, who is also Co-Chairman of the National Security Committee, added that the investigation seeks to also ensure accountability, prevention and adjudication processes instituted by the line ministries and agencies of Government.

He maintained that the investigation will further restore Liberia’s image with the International Community, and counter the negative perception that the Country is a drug cartel and an exit point.

He said:” The outcome of the investigation will be made public, and culprits will be charged and forwarded to court for prosecution.”

Recently, the Liberian Government, through a tip-off from the US Government, confiscated a huge consignment of illicit drugs worth one-hundred-million USD shipped among frozen food s to Liberia.

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