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US & Liberia Trade & Investment Forum 2015

US & Liberia Trade & Investment Forum 2015. Session 1: Economic Outlook A Presentation by George G. Wisner Executive Director National Investment Commission Republic of Liberia. Liberia is bouncing back from Ebola. Liberia Real GDP Growth Rate (2006-2017; IMF Forecast from 2015).

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US & Liberia Trade & Investment Forum 2015

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  1. US & Liberia Trade & Investment Forum 2015 Session 1: Economic Outlook A Presentation by George G. WisnerExecutive Director National Investment CommissionRepublic of Liberia

  2. Liberia is bouncing back from Ebola Liberia Real GDP Growth Rate (2006-2017; IMF Forecast from 2015) Pre-Ebola Forecast World Bank 2015 GDP Growth Forecast 3.0% AfDB 2015 GDP Growth Forecast 3.8%

  3. Gov’t quickly & decisively mitigated crisis • Fiscal restrictions imposed to manage impact of increased expenditure • Stabilized the exchange rate, enhanced banking sector liquidity • Paid civil servant salaries on time; accelerated goods & service spending • Avoided shortage of essential commodities • Over $58 million disbursed to public investment and recovery in 14/15 • Reopened borders and lobbied for return of flights • Immediate cash transfers with the support of our Development Partners Revised projections for 2015 GDP Growth are 0.9% (IMF) – 3.0 % (World Bank)

  4. Economic Stabilization & Recovery Plan Strategy 2: Strengthening Resilience and Reducing Vulnerability Strategy 3: Strengthening Public Finances and Ensuring Service Delivery Strategy 1: Recovering Output & Growth Revitalize and diversify growth, targeting agribusiness export sectors Enable delivery of critical transport and energy infrastructure projects - Major Health Investment Plan - Education sector priorities - WASH services - Social protection - GoL plan for UNMIL transition Support for public finances, improved finance execution and governance including de-concentration

  5. StrategicIntervention Areas (2015-2017) Strategy 1: Recovering Output & Growth Revitalize and diversify growth, and address vulnerable employment Enable delivery of critical infrastructure projects • Target Agro-processing in key sectors • Increase private sector finance for agribusinesses and farmers • Value chain coordination: cocoa, rubber, oil palm, fish/aqua. • Targeted investment in these value chains & agro-processing • Laborand supplier skills aligned to growth sectors • Financed cost overruns from Ebola on Priority Infrastructure Projects (e.g. Mt Coffee Hydro Dam) • Road Maintenance Fund, Low-income housing

  6. StrategicIntervention Areas (2015-2017) Strategy 2: Strengthening Resilience and Reducing Vulnerability Strategy 1: Recovering Output & Growth Revitalize and diversify growth, and address vulnerable employment Enable delivery of critical infrastructure projects • Health Investment Plan: to improve and extend existing infrastructure and build fit for purpose Health workforce, including private investment in JFK Hospital & Redemption Hospital • Education: train and recruit teachers, improve quality of vocational education, strengthen county management structures, including private investment in affordable high quality education services • Increase WASH services for Ebola recovery and prevention including 100 boreholes into communities, health centres and schools, and a WASH regional centre • Increase coverage of social cash transfers to at least 50,000 households, sustain foster care grant and develop National Emergency Response Capability • Security: implement GoL Plan for UNMIL Transition - Major Health Investment Plan - Education sector priorities - WASH services - Social protection - GoL plan for UNMIL transition

  7. StrategicIntervention Areas (2015-2017) Strategy 2: Strengthening Resilience and Reducing Vulnerability Strategy 3: Strengthening Public Finances and Ensuring Service Delivery Strategy 1: Recovering Output & Growth Revitalize and diversify growth, and address vulnerable employment Enable delivery of critical infrastructure projects - Major Health Investment Plan - Education sector priorities - WASH services - Social protection - GoL plan for UNMIL transition • Government revenues suffered twin shock of Ebola crisis and global commodity prices • Improving expenditure compliance processes and Budget execution • Ongoing Civil service reform and Decentralization Support for public finances, improved finance execution and governance including de-concentration

  8. Tax Regime & Investment Incentives • Liberia’s Profit Tax Rate is 25% or 2% on turnover. • No capital controls • 30% incentive deduction allowed on up to 100% of qualifying cost of equipment & machinery for investors over $1m • Can also obtain a tax deduction of 10% off cost of building & fixtures used in manufacturing process that produced finished products having 60% local raw material. • Investments exceeding $10m automatically incentivized • Investments in economically deprived zones or those generating more than 100 direct jobs qualify for additional incentives of up to 12.5% & further 10% respectively Incentives available for: Tourism, Manufacturing, Energy, Hospitals & clinics; Housing, Transportation; IT, Banking, Agriculture, Fisheries, Agro-Processing

  9. Easy to Start a Business in Liberia • Liberia Business Registry (LBR) • One-Stop-Shop for enterprise development that formalizes enterprises in only 48 hours • Online application process and online database  • Registration can be done through: • E-registration: after receiving account details applicant submits dossier online. • Assisted registration: applicants submit a paper-based dossier to the LBR staff who undertakes the registration procedures. • Staff are on hand to provide advice to applicants. Table 2: Fees to Register a Business Table 1: Ease of Starting a Business Indicator

  10. Thank you! George W. Wisner wisnergeorge5@gmail.com

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