Sierra Leone moves up the investment ladder in Kuwait

Sierra Leone’s Foreign Affairs and International Cooperation Minister, Honourable Zainab Hawa Bangura, on Tuesday 25^th May 2010 signed three agreements with her Kuwaiti counterpart and the Minister of Finance in Kuwait City.

Honourable Zainab Hawa Bangura who was on a three day official visit as part of His Excellency, President Ernest Bai Koroma’s delegation to that Gulf State. made the disclosure to the Information Bureau of the Sierra Leone Embassy in Riyadh over the weekend about this cooperation agreement which aims at fostering bilateral trade and investment links with the Republic of Sierra Leone and Kuwait.

According to the minister, the agreements on bilateral relations, trade and investment, as well as economic and technical cooperation, were signed in the presence of the His Highness, the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Sierra Leone’s President, Dr. Ernest Bai Koroma.

H.E. President Koroma and his Kuwaiti counterpart the Emir of Kuwait

The agreements, she continued, will witness frequent exchange of visits and trade between the two countries. The Ministries of Trade and Investment of both countries will have to work out the technicalities for the coming into effect of the agreements.

These agreements, Madam Bangura reiterated, were focused in principle with President Koroma’s effort to attract foreign investments, increase direct technical cooperation and seeking trade partnership with the government of Kuwait.

Mrs. Zainab Bangura and her Kuwaiti counterpart Deputy Prime Minister, Sheikh Nasser Mohammed Al-Ahmed Al-Sabah

Before signing the agreement the minister said: “We now have the strongest investor protection laws in the Sub-Saharan region and we encourage people who want to invest in Sierra Leone to do so with a peace of mind.”

On their part, both Kuwaiti ministers expressed their commitment to providing the economic and technical support as signed on the Memorandum of Understanding (MOU).

The Kuwaiti Foreign Minister who also doubles as the Deputy Prime Minister, Sheikh Nasser Mohammed Al-Ahmed Al-Sabah reportedly told Madam Zainab Bangura that the Kuwaiti government and its people were gratified of the President and his entourage’s visit to Kuwait. “We are deeply grateful and honoured to have you in our midst, but especially pleased that Sierra Leone is enjoying a secured peace and stability for a very long time now,” he concluded.

After the signing ceremony, Sierra Leone’s Foreign Chief reportedly told a group of business tycoons and investors that Sierra Leone was ready for multi national investment because of its new Investment Promotion Act 2004 which promotes and attracts both domestic and foreign investments.

“Sierra Leone,” Madam Bangura quoted an IMF report, “is one of the safest places to do business in the West African sub-region.”

The minister further said that the investment climate in Sierra Leone was favorable due to the creation of a “one stop shop” purposely to streamline new business start ups and facilitating the opening of new businesses within 12 days.

“We are not only moving on the upper ladder of becoming an attractive destination to invest, but Sierra Leone is beginning to find  new opportunities of helping companies make profit as well as providing jobs for our citizens,” Bangura told a group of investors.

The government of Kuwait is said to be offering technical assistance in various capacities from health, energy to agricultural sector.

In what appeared to be a busy schedule for the minister, she also visited the Kuwait Diplomatic Institute – the first foreign visitor since the institute moved into its new building recently before she left for other official visits to France and Greece over the weekend.

Alhaji Jalloh, Information Attaché, Sierra Leone Embassy, Riyadh

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