SHENZHEN, CHINA: The Government of Liberia through the Ministry of Information, Cultural Affairs and Tourism has signed a non-bidding Memorandum of Understanding (MOU), with a multimillion-dollar real estate developer in the People’s Republic of China.
The MOU is for the construction of hotels, housing estates and amusement parks in Liberia to boost the country’s tourism sector.
Accommodation facilities – hotels and housing – play important roles in the enhancement of tourism in Liberia, a sector that is of priority in Liberia’s national development plan being rolled out since January 2024.
The MOU was signed at the China-Liberia Trade Forum, organized in Shenzhen City.
Liberia’s Minister of Information, Cultural Affairs and Tourism, Jerolinmek Matthew Piah, signed on behalf of the Government of Liberia while Mr. Zheng Xudong signed for Shanghai Black Rock Lake Enterprise Development Co., Ltd. (China) signed for the firm.
The firm, Shanghai Black Rock Lake Enterprise Development Co., Ltd. (China), with extensive experience in real estate development, project management, financing, and sustainable construction, plans to develop real estate projects such as serviced apartments, high-end shopping centers, and luxury residences in Monrovia and its surrounding areas.
According to the MOU, the firm, “plans to develop an international community in the southern coastal area of Monrovia, covering approximately 60 acres, which will include hotels, apartments, residences, and entertainment areas such as amusement parks.
The project is expected to create over 200 jobs, with a total investment of approximately $20 million.”
The firm is committed to develop similar projects in the Monrovia area, further enhancing the city’s aesthetics, increasing local employment, and promoting economic growth.
The signing of the MOU is indicative of China’s confidence for investment in Liberia that will enhance and accelerate economic growth.
At the same time, the Government of Liberia and the People’s Republic of China, on Saturday, September 7, held a one-day Trade Forum in Shenzhen City – China’s “Silicon Valley” and its third most populated city after Shanghai and Beijing where Liberia presented several investment opportunities in the areas of tourism, trade, agriculture among others.
The Forum was hosted by the Embassy of the Republic of Liberia (Beijing) in collaboration with the Foreign Affairs Office of Shenzhen Municipal Government with support from the African Department of the Chinese Ministry of Foreign Ministry.
“China and Liberia Cooperating in Building a High-Level China Africa Community with a Shared Future in the Spirit of FOCAC”, was the Forum’s theme where dozens of Chinese investors attended along an array of Liberian government officials led by President Joseph Nyuma Boakai, Sr.
President Boakai, in luring Chinese investments to Liberia said, “We bring to you opportunities because you have the expertise to help us. We believe in people-to-people relationship. We are here to build a country that continues to remain friendly. We need technology; we need investment so that you will begin to see the true Liberia”.
He assured that Liberia would be a destination for investors. “By investing with us and unleashing our potential, we all can become a world in which we will create opportunities”.
“One of Liberia’s greatest assets is the people of Liberia – our generosity, good nature and friendliness to work with investors”, President Boakai asserted.
In making the country’s investment case, Liberia’s Ambassador to China, D. McKinley Thomas, said, “China and Liberia are friends; and now, it is time to see how we can work together, how we can find opportunities to invest; find exchanges not only economically, but also culturally through people-to-people relations for shared prosperity”.
At the Forum, China conveyed its readiness to work and partner with Liberia in many areas for cooperation and investments.
The Deputy Director General, Foreign Affairs Office of the Shenzen Municipality, Richard Zhong: “So, it’s an honor to have the President and delegation in Shenzhen. The Shenzhen Municipality is ready to work with Liberia in the areas of economic partnership, energy support through power generation and infrastructural development. We must work very hard to help each other.”
The Minister of Information, Cultural Affairs and Tourism, Jerolinmek Matthew Piah, in setting the stage for the forum, presented Liberia’s national development plan – the ARREST Agenda for Inclusive Development and highlighted Liberia’s tourism investment potentials.
Minister Piah said, “Liberia’s tourism strengths lie in cultural, surf, eco, and marine tourism, bird watching, among others which we are endowed”.
Agriculture Minister, J Alexander Nuetah, called on Chinese investors to come to Liberia and invest in the development of agricultural value chain – poultry, livestock, food crops including the country’s staple food and horticulture production, agribusiness development and agricultural financing.
He said Liberia has excellent opportunities, incentives for investments through access to land, and incentives to support investments.
Commerce Minister, Amin Modad, “Liberia is a nation of immense business opportunities and we welcome credible partners interested in doing business in a secured and enabling environment. The Government of Liberia is focusing on supporting domestic economic empowerment of the Liberian business community and entrepreneurs as well as creating an enabling environment for foreign investments.
Minister Modad disclosed that while Liberia is a net importer of commodities, the expertise and partnership with China are needed to expand commercial trade and industrial sector, noting, “In 2023, Liberia imported nearly $10 billion worth of commodities from China; and in reverse, only $85 million was exported from Liberia to China”.
The well-attended Forum ended with commitments from Chinese investors to visit Liberia soon to identify key areas for possible investments.
