LSEZA, Partner Sign MOC To Support Liberia’s Economic Growth

By P. Vangerline Kpotoe

The Liberia Special Economic Zones Authority (LSEZA) has signed a Memorandum of Cooperation (MOC) with the China Group of Companies Association (CGCA) to support President Joseph N. Boakai’s administration by boosting Liberia’s economic growth and investment opportunities.

A statement from LSEZA dated September 16, 2024, stated that the partnership is a major step towards developing Special Economic Zones (SEZs) in Liberia.

The statement disclosed that the agreement aims to create a joint mechanism for the preparation and development of SEZs in the country.

It revealed that the MOC will facilitate crucial feasibility studies, financial models, and investment portfolios, helping to determine the economic viability and investment needed to build and develop SEZs in Liberia.

“This partnership is a significant milestone for President Boakai’s administration, positioning Liberia to benefit from advanced financial modeling and strategic planning expertise. This will ensure strong investment frameworks for SEZ development,” the statement noted.

In addition to SEZ development, the statement indicated that the agreement includes logistical support and training opportunities for SEZ personnel, such as specialized security training and technical development programs, enabling Liberia’s workforce to manage and operate the zones effectively.

The statement asserted that the MOC was officially signed by Hon. Prince A. Wreh, Executive Chairman of LSEZA, and Mr. Zhang Chongqing, President of the China Group of Companies Association on September 9, 2024.

Founded in 1987, the CGCA represents over 500 leading Chinese companies and operates under the supervision of China’s State-Owned Assets Supervision and Administration Commission.

Hon. Wreh highlighted the importance of this collaboration, stating that it underscores the LSEZA’s commitment to attracting investments that will drive Liberia’s economic transformation. The SEZA aims to position Liberia as a top destination for global businesses, laying the foundation for long-term economic growth, job creation, and prosperity.