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Wednesday, February 21, 2024

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Liberia, UK Commit To Strengthening Trade

The government of Liberia and the United Kingdom has highlighted the key role of the private sector as a catalyst in advancing trade and investment between the two countries.

The Minister of Africa of the United Kingdom, Andrew Mitchell and Liberia’s Commerce and Industries Minister, Mawine G. Diggs according to a dispatch, held discussions on broadening trade with Liberia and the United Kingdom.

(L-R) Ministers Mawine G. Diggs and Andrew Mitchell

Speaking at the Foreign Commonwealth and Development Office (FCDO) in London, Commerce and Industry Minister, Mawine Diggs reflected on the strategic importance of the UK Liberia relations and how it continues to impact varying aspects of the two countries.

Minister Diggs at the same time also commended the United Kingdom for support to Liberia’s development across education, health, and fisheries thus highlighted the importance of attracting UK investment to Liberia as well as development financing to consolidate the efforts of Liberian businesses.

Minister Mawine Diggs further expressed optimism that Liberia’s new legislation on Standards – will [propel] made in Liberia products, thus reducing the reliance on imports; while increasing the prospects of Liberian businesses in accessing other markets.

Commerce Minister Mawine Diggs also added that a new trade agreement will be productive – – alongside development finance to boost the private sector.

For his part, the Minister of Africa of the United Kingdom, Andrew Mitchell recounted the continuing partnership between Liberia and the United Kingdom in promoting democratic governance.

He indicated that following the COP27 Climate Summit, the United Kingdom will continue its leadership role in soliciting greater commitment around climate change and global peace, and thereby hailed Liberia for strengthening its democratic gains especially as Liberians look  towards the 2023 Presidential and Legislative elections.

Meanwhile, speaking at the offices of the British International Investment (BII), Minister Diggs also rolled out the prospect of Liberian business and the need to explore markets beyond Liberia. “The focus is geared toward strengthening the private sector through access to capital: focusing on agriculture and manufacturing.’’

Vivianne Infante, Director of Africa Resilience Investment Accelerator, two study tours have already provided sufficient insight into the approaches and partnership in Liberia, especially through commercial banks.

They hailed Commerce Minister Diggs- for the visit and pledged the commitment of BII as the key outlet of the United Kingdom to drive private sector growth and development around the world.

The BII seeks to leverage the partnership with commercial institutions to provide better and long- term support for private sector development in Liberia.

Minister Mawine Diggs

According to Andrew Palmer, Director of Global Affairs, the focus of (BII) is concentrated at key projects with high prospects; interventions are aligned with prosperity and targeted at yielding great fruits.

The British International Investment (BII) is part of ARIA (Africa Resilience Investment Accelerator) alongside US International Development Finance Corporation (DFC) and other development finance institutions (DFI).

ARIA aims to boost investment by bringing together experience to overcome the challenges in providing investment in these countries.

Currently, BII is the largest development financial partner with infrastructure, solar energy as well as digital connectivity.

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