President Koroma calls on Investors

Sierra Leone’s President, Dr. Ernest Bai Koroma, today 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 is 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.

Sorie Sudan Sesay, Information Attaché, Sierra Leone High Commission, UK/NI

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