MONROVIA, LIBERIA-The Liberian Senate has concurred with the House of Representatives on the passage of the Investment Incentive Agreement between the Liberian Government and Fouani Brothers Corporation.

It followed a report from the Senate Joint Committee on Concessions, Judiciary and Ways, Means, Finance, and Budget on Tuesday, December 5, 2023.

The Committee believes the Agreement will boost the Government’s revenue generation and create employment opportunities for Liberians.

The Committee noted that the thirty million US Dollar agreement will also see the construction of a refinery to produce finished products of vegetable and edible oils from palm oil.

Meanwhile, a member of the Senate, Augustine Chea, has filed a motion of reconsideration which is expected to be tested next Thursday.

At the same time, River Gee County Senator, Jonathan Sogbie, has taken exception to the Senate’s concurrence on the agreement.

Senator Sogbie said:” The agreement is not in the interest of local Liberian businesses, especially in the Oil Palm Sector.”

He noted that the agreement gives room the investors to import fresh oil to the detriment of local business owners in Liberia.

In counter-argument, the Chairman of the Senate Committee on Concessions and Investment, Numene Bartekwa, clarified that the agreement is in the interest of all Liberians.

Senator Bartekwa argued that the agreement gives preference to locally produced goods and services, as such; it will boost the economic viability of the country.

By: Sampson David