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Wednesday, June 12, 2024

Boakai Leaves Korea with Multi Deals Targeting Solar Energy and Food Security

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By Festus Poquie

Liberian authorities Saturday announced signing multiple business deals with several leading South Korean companies to bolster its national economy that is still struggling to recover from EBOLA and COVID-19 health disaster and years of corruption.

Multination corporations that have agreed to venture into the Liberian economy, will develop solar energy power plants investment in agricultural research to enhance food productivity and seed development, and the supply of prepaid meters to facilitate easy and unhindered access to water supply, statement posted on the presidency’s website said.

“These MOUs involve significant investments in the financial sector and job creation ventures, among several other impactful initiatives.

“The involved companies, include but not limited to, Daehan Smart Meter Co., Samdo Electric Energy, Korea-Agro Fisheries and Food Trade Corporation, Korea SOiVA R&D, the Africa-Korea Economic Development Association, and the MAKE Group, are aligned and committed to making a substantial difference.”

On account on these initially agreed investment portfolio, President Joseph Boakai has reiterated his administration’s commitment to improving the livelihood of the Liberian people.

“He firmly believes that once implemented, the signed memoranda will not only create job opportunities and positively impact the livelihood of the citizens but will also open up the country to promising opportunities, ultimately establishing Liberia as a key investment and tourism destination,” the statement said.

Liberia is one of the poorest countries in the world with the World Bank estimating that 3 million of its 5.5 million people are living in poverty. The country’s economy in recent years has been devastated by back-to- back pandemics – EBOLA and COVID-19.

The Liberian economy is expected to expand by 5.3% in 2024 and average 5.9% growth in 2024–26. Maintaining macroeconomic stability, prudent fiscal consolidation, and the implementation of ongoing structural reforms in key enabling sectors are crucial for medium-term growth prospects, according to the World Bank.

 

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