President George Manneh Weah has described the operationalization of the first-ever steel factory, that will significantly contribute to economic growth through value addition and job creation, as a milestone.
The production plant, owned and operated by the Indian firm Sethi Ferro Fabrik, Inc., is located in the Monrovia suburb of Gardersville and was officially dedicated by President George Weah on Tuesday, 23 July 2019.
It has begun manufacturing “best quality” steel rods from light and heavy scrap metals, and the company anticipates venturing into adding value to Liberia’s iron ore in the near future,” according to Chief Executive Officer Lucky Sethi.
Before he cut the ribbon to the gigantic factory, President Weah said for too long Liberia has imported essential commodities including steel rods, and that he was proud that now there will be an important “Made in Liberia” product.
In his remarks, the President stressed that while the government is working harder to empower local businesses, it was equally pivotal for all citizens to recognize the benefit of opening the economy to powerful foreign firms, if the economy should be resuscitated from the shocks it continues to experience.
The Liberian Leader noted that huge investments in the country would result into great inflow of foreign exchange that will enhance stability.
“So, my fellow Liberians, those people will come here and create jobs for you; they will keep their wealth in local banks, then you will get more jobs and there will be no inflation,” President Weah noted.
He added: “Liberia produces rubber, but we do not have a shoes factory, how can that be? Now, we have scrap, we have iron ore, but we are proud to say that we have a steel factory. This could be the
first, there could be the second, and then the third – and that’s the right way to go! We need a ‘Made in Liberia!’”
The factory currently has in its employ over 300 persons, mostly Liberians, and expects to create additional 500 jobs.
President Weah encouraged Liberians employed there to display a high level of diligence, honesty, and commitment to duty.