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The National Investment Commission (NIC) has launched a local content policy initiative.
A release said the policy facilitates the creation of new linkages, deepens and expands existing program between foreign companies' affiliates and domestic small and medium size enterprises in Liberia.
According to a NIC release, “local economic development makes good business sense and brings tangible benefits to communities affected by operations, mitigate risk to production and profits and provide a social license to operate.”
The release said the objectives of the local content policy initiative are to promote human capital/workforce development, domestic business development and infrastructure for business development.
“The infusion of local content, specifically local recruitment, technical and vocational education, training, purchases of local goods and services, and infrastructure development is designed to develop the industrial infrastructure and skills of Liberians.
When implemented, the release said, local content will increase domestic production of goods and services at international standards and lower cost.
NIC said all concession agreements encouraged use of local content and support of value chain linkages between local businesses and concessionaires including preferences in supplying goods and services produced and owned by Liberians and reporting requirements on content provided the preferred sources.
The release also said the agreements required the provision of specific social and infrastructure services such as education, health, housing, water and sanitation, access to concession infrastructure, among others.
It further said the policy will be progressive and consider companies' capacities, operational stages and their respective opportunities for local content development.