President Ernest Koroma assures of MRU Leaders commitment to Makona River Free Zone project

His Excellency President Ernest Bai Koroma of the Republic of Sierra Leone on Tuesday, 11th March spoke of the full commitment on the part of all the leaders of the Mano River Union countries (Guinea, Ivory Cost, Liberia and Sierra Leone) towards the successful implementation of a Free Zone Development Project, within the framework of the Makona River Free Zone Development Project.  (Photo: President Koroma and delegation at State House)

He made this disclosure during a meeting with Sierra Leone’s Ambassador to the People’s Republic of China, His Excellency Victor Bockarie Foh and a team of trustworthy Chinese investors, including Mr. Peng Xiaohua Vice Chairman /CEO of Blue Seafronts (BSF) Group and GAO Yuan of Mirach Energy Group.

Based on equity investment from successful business groups with Chinese background, BSF Group is an  extension from Parakou Group, with emphasis on developing and undertaking resource and infrastructure development projects in the markets outside China, to meet the objective of Chinese companies’ “going out” It has a global coverage specialized in shipping and other related businesses.

The Parakou Group, on the other hand is an established company of diverse interest in Hong Kong with shipping as its core business. The flag ship of the Group is Parakou Shipping Limited which was founded in 1985.

Mano River Union Ambassadors in the People’s Republic of China (Guinea, Liberia and Sierra Leone) have been working on the realization of a Sub Regional Development Project, towards an economic free zone, (Makona River Free Zone Development Project).

This Project primarily takes into account the thriving historical cross-border transnational market trading between the communities of Guekedou in Guinea, Koindu in Sierra Leone and Foya in Liberia.

Speaking at State House, President Ernest Bai Koroma said, he considered the Makona River project “an ongoing project” since it commenced over a year ago. According to President Koroma, there had been delays in the full implementation of the Project due to some factors.

 As coordinator of the Project involving all the Mano River Union Heads of States, he informed the delegation that notwithstanding the delays, “one thing that is clear is the MRU leaders are committed to it.”

At the level of Heads of States, president Koroma said, there is the likelihood of them having a Sub Regional Summit by April 2014, where the Project will be tabled and discussed and subsequently having a final resolution from all the Heads of states for further action.

Speaking earlier, Peng Xiaohua Vice Chairman /CEO of Blue Seafronts Group highlighted the role that Ambassador Victor Bockarie Foh has continued to play in ensuring the realization of the Makona River Free Zone Development Project.

He informed president Koroma about the support the China EXIM Bank is ready to give to this Sub Regional Project as well as identifying the economic benefits to be derived from it. Peng Xiaohua expressed optimism of working towards the signing of a Memorandum of Understanding on the full project implementation during his visit to Sierra Leone.

Speaking on the Parakou Group, Peng Xiaohua informed His Excellency President Ernest Bai Koroma about the Group’s intentions to invest in Sierra Leone in areas of telecommunication and ship building, civil aviation, telecommunication, oil and petroleum, amongst others.

As Sierra Leone is looking for more private sector investments, Mr. Peng said, this is the opportune time for The Parakou Group to come, given that, whatever it does will help build on Sierra Leone’s infrastructural development  thus  attracting  more investors.

On behalf of the chairman of Parakou Group, Mr.C.C.Liu, Mr. Peng formally extended an invitation to His Excellency President Ernest Koroma to pay a visit to Hong Kong and have a look at the business capacity of the company.

On such a  proposal by Parakou Group, President Koroma referred to it as “an interesting one” whilst advising  that they forward a proposal of engagement to the Sierra Leone Government on specific areas they may want to intervene and how they intend doing it.

Also present at the meeting was GAO Yuan of Mirach Energy Group, which operates as an energy exploration and production company with oil and gas interests in Asia. They have expressed interest in investing in Sierra Leone in the area of petroleum, oil and gas.

His Excellency Victor Bockarie Foh in his statement thanked President Ernest Bai Koroma for giving them audience, whilst assuring the Government and people of Sierra Leone that Parakou Group and BSF Group are trustworthy and   can help bring about development into Sierra Leone.

Ambassador Foh also assured of his commitment and dedication to the full implementation of the Makono River Free Zone Project.

The team is expected to depart for the Republic of Guinea in the coming days to further discussions on the Free Zone Project with the Guinean Government.

The Makona River Free Zone (MRFZ) is designed to work on an area across Sierra Leone, Liberia and Guinea in West Africa, and through construction of harbor, railway and energy related infrastructure works, promote the utilization and development of natural resources including mining, forest-agriculture fishing, amongst others.

 Through MRFZ cooperation, the three countries will work together to promote the local production, West Africa economic integration, cross boundary investment, and achieve the regional social and economic prosperity.

Main components of the project  include;  (a) Foya, Koindu and Guekedou Free Zone, including land development, industrial facilities to build rubber processing plants in Liberia, urban infrastructure facilities, social service facilities and institutions and hydro power stations and development of natural resource.

 The land of the Free Zone is expected to be 750 square kilometers, equally contributed by each of three countries; (b) Sulima Sea Port/Railway, including construction of Sulima Sea Port, railway from Sulima to the Free Zone to allow the three countries develop their natural resources; and (c) construction of railway from Free Zone (Foya, Koindu and Guekedou) to Siguiri and Voinjama, development of industrial park in Siguiri area, amongst others.

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