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UK-LIBERIA INVESTMENT FORUM: INVESTMENT OPPORTUNITIES IN LIBERIA’S MARITIME SECTOR PRESENTED BY BINYAH C. KESSELLY COMMISSIONER/CEO LIBERIA MARITIME AUTHORITY SEPTEMBER 14, 2012 DRAPER’S HALL, LONDON. INTENDED TAKE AWAYS. Liberia’s Maritime Sector Intended Takeaways.
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UK-LIBERIA INVESTMENT FORUM:INVESTMENT OPPORTUNITIES IN LIBERIA’S MARITIME SECTORPRESENTEDBY BINYAH C. KESSELLYCOMMISSIONER/CEOLIBERIA MARITIME AUTHORITYSEPTEMBER 14, 2012DRAPER’S HALL, LONDON
Liberia’s Maritime SectorIntended Takeaways At the conclusion of this presentation, you should have a deeper understanding of the following aspects of Liberia’s Maritime Sector... • The History • President’s Vision • Transition from the Bureau of Maritime Affairs (BMA) to the Liberia Maritime Authority (LiMA) • New Strategic Direction • Investment Markets/Opportunities
Liberia’s Maritime SectorIntroduction Liberia has an estimated coastal shoreline of over 300 miles, boasts a 200 nautical mile ocean and an enviably large network of inland waterways. There are two elements to Liberia’s Maritime Program – an International Registry and a Domestic Registry. Even though we have a greater than six decade international maritime presence, we have yet to fully appreciate the coastal resources and vast biodiversity that exists within our domestic Maritime Domain.
PRESIDENT’S VISION: A SECTOR IN TRANSITION
President’s Vision:A Sector in Transition “We must transition from a Nation with a leading Maritime Program, to a Leading Maritime Nation.” ~ President Ellen Johnson Sirleaf ~ This vision suggests that Liberia must now start to strategically focus on areas within the maritime sector that either have a direct or tangential maritime impact on the national (and global) economy. It also suggests that we must begin to expand into areas that may seem outside the realm of the prototypical maritime sector. In short, we must rapidly develop and enhance our domestic maritime sector and ensure that it is the predominant contributor to our GDP.
Executing Against the President’s Vision:Initial Steps Taken A new management was recruited and hired in early 2008, ushering in a new corporate style of leadership. The team was given two clear mandates: • Identify a new Strategy and Direction for the Program; and • Conclude the Contract with the Agent of the International Shipping and Corporate Registry. The contract with the Agent was concluded in mid 2009; and The BMA, an Autonomous Agency of Government, via an Act of of the National Legislature, was transitioned to the LiMA in August of 2010, a Public Corporation with greater flexibility and responsibility to manage and commercialize Liberia’s Maritime Domain.
Executing Against the President’s Vision:Strategic Intent of the Sector The strategic intent of the Maritime Sector can be readily identified by answering a series of interrogatories. Included here is a non-exhaustive sample (there are more than 30 questions in the exhaustive list)…. • What is the status of the Liberian Maritime program on the world stage/global Maritime Community? What is/are the centerpiece(s) of our program? • What are the industries in which we operate? • What is our historical record (what are the trends) and how have these sectors been created and developed over the years? • Who has been our greatest ally? Our greatest competitor? • Have we been successful at sector growth? If yes, why? If no, why not? • What are our revenue targets and how were they generated? What are our major drivers of business? Are they SMART? Strategic? Visionary? Aspirational? • What is the country’s economic platform/base? (Industry, Service, Private, Other) What are the components of each sector of the economy? What kind of Revenue is generated and what is the track record? How does the Maritime program fit in?
EXECUTING AGAINST THE PRESIDENT’S VISION: A NEW FOCUS
Executing Against The President’s Vision:Charting A New Course A leading maritime nation is one that has the ability to strategically coordinate and execute... $ National Economy Ship Breaking & Ship Recycling Fishing Offshore Drilling Services & Supplies Ship & Corporate Registries Bunkering Ship Building Luxury Hotels & Resorts Port Systems Water Transport Dry Docking & Ship Servicing Merchant Banking Other (Leverage Existing Core Competencies) Water & Eco-Tourism Maritime Human Resource Development
Executing Against The President’s Vision:Where Are The Opportunities? The immediate and profitable opportunities are as follows... Commercial Onshore Offshore Security FISHING OIL & GAS
EXECUTING AGAINST THE PRESIDENT’S VISION: WHAT IS IN PLACE?
Executing Against The President’s Vision:What’s in Place? At the LiMA, the following processes have either been or are being developed and implemented… • The new regulatory regime (laws, regulations, policies, pricing, etc) to protect government and potential investors/partners; • The profile of an aggressive investment climate for the Sector; • The templates for Feasibility Studies, Business Case and Economic Viability Models; • The building of capacity for internal staff to support the commercial and regulatory aspects; and • The focus on Job creation to increase employment opportunities in the sector for young people.
