IPNEWS: Vice President Jeremiah Kpan Koung has launched the US$19.4 million Special Agro-Processing Zone emphasizing the critical need for unity among Liberian entrepreneurs to drive success in their businesses and foster national development.
During the official launch of the Special Agro-Processing Zone (SAPZ) project on behalf of President Joseph Nyuma Boakai at the Free Zone on Bushrod Island, on Wednesday, July 31, Vice President Koung highlighted the importance of collaboration among Liberian business owners.
The SAPZ project, supported by the African Development Bank (AfDB), aims to boost the agricultural sector and enhance economic growth.
Drawing from his experience as a businessman before entering politics, VP Koung acknowledged the existing disparities in progress between foreign-owned businesses and those owned by Liberians.
He stressed the benefits of effective collaboration and joint ventures among local entrepreneurs, mirroring the success achieved by foreign counterparts through such partnerships.
VP Koung pointed out the untapped potential for advancement in the agriculture sector through collective efforts, emphasizing the need for Liberian entrepreneurs to work together towards common goals.
The launch of the US$19.4 million initiative signals the beginning of a five-year strategic plan to establish and regulate special economic zones, driving trade activities, economic growth, and creating employment opportunities in line with the government’s ARREST Agenda.
Furthermore, Vice President Koung called for increased government investment in local oil processing, noting that a significant amount of palm oil from Liberia is currently processed in neighboring Sierra Leone.
He highlighted that approximately 90,000 metric tons of palm oil are processed monthly in Sierra Leone for various purposes, showcasing a missed economic opportunity for Liberia.
