Liberia-Economy-Investment

Liberia: Cemenco’s FDI restores economic confidence-President

APA-Monrovia (Liberia)

The willingness of the manufacturing firm Cemenco to continue to make foreign direct investments (FDI) in Liberia indicates a significant vote of confidence in the stability and safety of the country’s investment climate, President George Weah has said.

The Liberia Leader was speaking Thursday at the Cemenco compound along Japan Highway where he cut the ribbon to the recently built US$14 million “state-of-the-art” production facility.

The venture by Cemenco, a subsidiary of the Germany-based Heidelberg Cement Group, is intended to widen its production capacity to meet the growing demand for quality cement on the Liberian market, especially when the government is embarking vigorously on road construction and other infrastructure development in the implementation of the Pro-poor Agenda for Prosperity and Development.

"This new development will also see the Cemenco expand its profit margin," said Ms. Vivian Wisner, an authorized cement distributor since 2005. She believes that this new development could later result in the drop in the price of a bag of cement, but said, however, it was a decision for the company.

An elated President Weah hoped that the facility will not only increase the company’s total production capacity, but will also introduce new technologies and bring new efficiencies to its cement production.

“I am gratified to see this development, and I want to congratulate you, Cemenco, and your parent company, the Heidelberg Cement Group. This is an indication of your level of trust in the Liberian economy,” President Weah said.

“Your investment is timely because, I can state with firm conviction, after two years of assessment, which have necessitated many corrections and adjustments, that the Liberian economy is now poised
for growth.”

“There will be many new projects which will require your product, including roads, and the roll-out of new infrastructure. The creation of new jobs in the private sector will continue to drive demand for
cement,” he added.

I remarks, Hakan Gurdal, Cemenco’s CEO for African-East Mediterranean region, said his company was proud to produce locally and contribute to the Liberian economy.

He added that Cemenco has been creating direct and indirect employment opportunities for Liberians, while “respecting highest quality in production, environmental, health and safety of international standard.”

TSS/abj/APA

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