In a brief remarks Thursday, January 16, 2020 before cutting the ribbons opening the state-of-the art cement production facility on Bushrod Island, outside Monrovia, President Weah stressed that the occasion is a testimony that the country’s economy is poised for growth.
“Today, the Liberian economy experienced the launch of two major investments. This shows the level of confidence investors have in our economy and the Liberian Government. The investments launched will greatly impact the Liberian economy and will also provide jobs to thousands of Liberians, ” said President Weah
He named the two investments as CEMENCO state-of-the-art production facility which was inaugurated yesterday, and a new investment Bank which is being opened by Loita Capital Partners International under the auspices of Liberia Bank for Development and Investment (LBDI).
“The projection of growth in the economy will definitely be realized as we joyously enter the new year,” the President averred. “The economy will gradually take shape.”
The Liberian leader pointed out that CEMENCO modern extension facility, which is an addition to the existing plant, will not only significantly increase total production, but similarly introduce new technologies and bring new efficiencies to cement production in the country.
The Liberian Chief Executive said he was gratified for the development, and congratulated CEMENCO and its parent company, the Heidelberg Cement Group, for a job well done.
“Indeed, this is an indication of your level of trust in the Liberian economy,” he said, adding: “Your willingness to continue to make foreign direct investments in Liberia is a vote of confidence in the stability and safety of the Liberian investment environment.”
“There will be many new projects, including roads, and the rollout of new infrastructure, which will require cement,” the President indicated. “The creation of new jobs in the private sector will continue to drive demand for cement.”
The Liberian Leader thanked the CEMENCO management for the new facility and their continuous confidence in Liberia.
Giving an overview of the new facilities was the Managing Director of CEMENCO, Mr. William P. Gaignard, who assured the body of the company’s continued drive to invest in Liberia.
The new facility, which will help in the expansion quest of the company, will be extended soon across Liberia, he noted.
He bragged that their product is of quality standard, strong and has passed through all environmental and safety requirements.
“We do not produce cement alone, rather, we promote entrepreneurs and create jobs among others,” he averred.
The CEMENCO boss promised that they can meet the demand on the local market and avoid scarcity as well as reduce price in order to build the country together.
Gaignard thanked President Weah for honoring the plant dedication ceremony with his presence.
He hailed the President for creating the enabling environment for investment, something he said underpins the company’s confidence in the Liberian economy and necessitated the expansion of the company with the new plan valued at over US$40 million.
Also speaking at the program was Hakem Gurdal Chief Executive Officer of the African –East Mediterranean Region (AEM) who commended Liberia for being one of the best among other 12 countries in the Sub- Saharan region where their brand is.
He said the local partners, distributors and clients’ contributions have helped significantly to boast Liberia’s performance and encouraged them to do more.
“We have strong, fresh and reliable products,” he stated.
In brief remarks, the Chairman on concession at the House of Representatives, Tilbelrosa S. Tarponweh, lauded the company for its successful investment in Liberia.
He assured them of the House’s support to their initiative but was also quick to remind them of their corporate social responsibility to their communities which is cardinal and will help encourage the people to do more.
Since 1968 CEMENCO has been operating in Liberia as the best cement company and has invested about 100m as the current new state of the art facilities worth about 40m respectively.