By James K. Kadi, Jr.
The Ministry of Commerce and Industry and Liberia Business Association (LIBA) have signed a Memorandum of Understanding for the implementation of the Small Business Administration 25 percent Act.
Addressing a news conference Tuesday Commerce Minister Axel M. Addy said the cooperative spirit that exists between the ministry and stakeholders has led to some of the many reforms being put in place at the Ministry which encourages businesses to continuously exchange with the ministry of Commerce.
These engagements, Minister Addy said are key to improving Liberia’s business climate.
He said the ministry remains committed to contributing to Liberia’s transformation by engaging with stakeholders as it pursues the objectives of a strategic plan that contributes to the agenda for transformation at the ministry.
Minister Addy recalled that in April 2013, the ministry decided on ‘’rebranding Commerce strategy as our tool to serve the country with a commitment to developing good policies for trade;, support to revitalizing the economy and opening the private sector to create work opportunity for our citizens”.
He said the Ministry of Commerce decided to promote good policies for revitalizing the Liberian economy so as to allow the private sector to expand and provide employment opportunities for the people of Liberia.
The Minister said despite the challenges, his ministry has achieved many milestones in pursuit of this agenda and continues to stimulate an entrepreneurial culture through the small business administration and the annual MSME conferences.
He disclosed that the report in pursuit of the execution of the law awarded in the first fiscal year, 2015/2016, US$43 million in contract to 457 Liberian owned businesses in pursuit of the 25% public procurement requirement in keeping with the small business empowerment Act.
However, he said “we were only able to realize this outstanding achievement thanks to the strong partnership with the PPCC, particularly its dynamic head, Dorbor Jallah and his team of talented technicians…”
Minister Addy said the MOU with LIBA is intended to help promote improved business climate in Liberia by building the capacity of Liberian entrepreneurs to take advantage of their right to benefit from public procurement given to them by an act of this government.
In remarks, the President of Liberia Business Association David K. Sembeh said his association was established for the purpose of building the capacity of Liberian businesses, among others.
He promised to work with the Ministry of Commerce to improve all of small businesses across the country’.