08/06/2019 | Press release | Distributed by Public on 08/06/2019 07:06
Assistant Minister for Industry, Morris Siryon (African cloth) flanked by participants
Photo Credit: Public Affairs
The Ministry of Commerce and Industry has concluded a three-day Industrial Policy Review Workshop in the Country.
The exercise focused on several issues, including Good Manufacturing Policy (GMP), clear set of actions the Liberian Government, through the Commerce Ministry has been taking, including future plans, relative to the Country's industrial sector.
Other key component of the Industrial Policy Review Workshop included the current approaches to industrialization trajectory and plans to align both private and public sectors.
The workshop was also in support of Liberia's determination towards a framework for reactivating the productive sector of the country to create employment opportunities and increase revenue generation.
The Industrial Policy Review Workshop was also in line with national efforts to make Liberia a middle-income country, with the understanding of creating the necessary conditions for economic growth in the country, through an industrial policy approach that is in conformity with international best practices.
During the workshop, participants also looked at how government can promote diversification of the Liberian economy, and create opportunities that maximize utilization of the country's productive capacities, including comparative advantages to generate sustained growth in productivity.
The participants also noted that the Liberian private sector faces many challenges and called on the government to ensure that its primary role creates a strong and favorable environment for investment and private sector growth, with focus on services and issues that the private sector or individuals cannot provide or overcome, as well as other factors that serve as barriers to industrial growth, amongst others.
'The Liberian economy has always relied on extractive industries with no or little linkage to the wider economy, which, in the past resulted to 'growth without development', Assistant Commerce Minister for Industry, Mr. Morris Siryon, observed during the workshop. During the past years of implementation of the industrial policy, efforts were focused on three (3) priority areas, considered as the biggest challenges to the development of the industrial sector in Liberia.
They include Legal and regulatory reforms, where government is continuing its legal and regulatory reforms agenda; implement programs and strengthen institutions to promote better manufacturing practices and standards, reform and restructure State- Owned Enterprises (SOEs).
The second area includes Infrastructure development; where government's study of industry needs for infrastructure, and to integrate its understanding into infrastructure development planning, and encourage private sector investment in infrastructure.
The third area includes Investment in human capital; where government invests in the capacity building of Liberians for employment opportunities in the industrial sector by working along with the private sector on skills training and development.
The third aspect also takes into account engagement in consultative processes and providing incentives to businesses to provide employment and training opportunities to Liberian staff in specialized technical areas.
The three-day Industrial Policy Review Workshop drew about 35 participants from relevant institutions of government and the private sector, with discussed issues complied and expected to be submitted to form part of Revised National Industrial Policy.
Jacob N.B. Parley