Sierra Leone Attracts Mass Direct Foreign Investment
One very good thing about the peaceful conduct of the last Presidential, Parliamentary and Local Government Elections of November 17, 2012, is the reassuring message they sent to the world at large that Sierra Leone is a peaceful, stable and democratic country. (Photo: Alhaji Jalloh, IA, Saudi Arabia)
The government and people of Sierra Leone have proved to the entire world that Sierra Leone is a place that is conducive to visit and do business – because it is investment friendly.
The investor is now doubly reassured that security is guaranteed; that government’s National Investment Code is so attractive for direct foreign investment and its one stop shop practice breaks down bureaucratic red-tapism
Investor Scare Ends
Long before the just successful conducted elections, some foreign investors had fled Sierra Leone for fear that the said elections would be marred by violence. But it all happened very peacefully.
Potential foreign investors had also been sitting on the fence and waiting to see how the elections went before they made up their minds. In fact, many business and various other transactions were put on hold until after the elections. Even when someone owes you money he/she would ask you politely to come after the elections.
Thank God, the elections are over now, the new members of parliament have been sworn-in and a good number of ministers and their deputies have taken the oath of office. Meanwhile, the state machinery keeps rolling on steadily and businesses are booming all over the country.
Scramble For Salone
Presently, there is a ferocious scramble for Sierra Leone by foreign investors from across the globe, after world leaders and international organizations acclaimed the conduct of our elections. The discovery of oil has added to the scramble by very big time multinationals prepared to pump huge sums of money into this very lucrative sector.
Interestingly and breaking clearly away from the past, many investors going to Sierra Leone these days are not only soiling for quick red cash investment for gold and diamonds – instead, these new breed of foreign investors are diversifying. They show interest in agriculture, fisheries, construction, food processing, low cost housing, industry etc. Besides, many of them have expressed great enthusiasm in agro-based industries to transform our agricultural produce into finished products for local consumption and eventual export.
Sierra Leone has vast opportunities for investment in diverse sectors. Our land tenure system is very singularly attractive to the investors. A system where an investor who needs land to construct, say a factory, could be given such land for almost free of cost.
Repatriation of profits has no barriers and the National Code of Investment protects the investor against any arbitrariness from whatever quarter it might come from. Instead, the investor is the treasure of the government and people of Sierra Leone, handled like a golden egg that should not be allowed to drop. Information about our investment climate is now available in almost all our diplomatic missions.
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