Liberian President Joseph Nyuma Boakai has urged stronger economic ties between Liberia and Canada, highlighting his country’s vast investment opportunities during his keynote address at the Liberia Investment Forum 2024 in Toronto, Ontario. The event, held at the International Centre on September 19, brought together Canadian officials, investors, and members of the Liberian diaspora to explore Liberia’s potential as a prime destination for foreign direct investment (FDI).
President Boakai emphasized Liberia’s political stability, expanding infrastructure, and sweeping economic reforms as key factors making the nation ripe for foreign investment. “Liberia is at a pivotal moment where political stability and economic reforms are creating an ideal environment for investment. We are open for business, and this forum provides an opportunity for Canadian investors to join us on this path to economic transformation,” Boakai stated.
The conference, organized by Liberia’s National Investment Commission (NIC) in collaboration with the QE24 Group of Companies, is part of a broader initiative to position Liberia as a regional hub for investment in West Africa. Boakai’s delegation included senior government officials who presented sector-specific investment opportunities in agriculture, mining, energy, and tourism—key areas identified by the Liberian government for development.
One of the major highlights of Boakai’s speech was Liberia’s “ARREST” agenda, which prioritizes Agriculture, Roads, Rule of Law, Sanitation, and Tourism as pillars of growth. He noted the significant improvements in infrastructure, particularly rural road networks, which have unlocked new opportunities for trade and investment. “Our road connectivity has improved tremendously, especially in rural areas, which are now more accessible for businesses. We invite Canadian investors to tap into these untapped markets, particularly in agriculture and infrastructure,” Boakai noted.
In mining, President Boakai pointed to international companies like ArcelorMittal, which have already made significant investments in Liberia’s iron ore sector. He urged Canadian firms to explore further investment in iron ore, gold, and diamond extraction, which have immense potential for job creation and development.
President Boakai acknowledged Liberia’s ongoing challenges in power supply but expressed optimism for progress with the right international partnerships. He invited Canadian companies to invest in power generation and distribution infrastructure, stressing that a stable energy sector is crucial to sustaining Liberia’s growing economy.
Additionally, the forum witnessed the historic establishment of Liberia’s first official Trade and Investment Office in Canada since the 1980s. The office, located in Mississauga, is set to strengthen bilateral economic relations. President Boakai also announced Liberia’s plan to open a formal embassy in Canada by 2025, following long-standing requests from the Liberian community in the country.
President Boakai concluded his address with a passionate appeal for deeper collaboration, asserting that Liberia’s continued development will depend on productive partnerships with countries like Canada. “Our progress in stabilizing democracy and improving infrastructure is just the start. Canadian investors have a pivotal role in shaping Liberia’s economic transformation. Together, we can build a shared prosperity for both nations,” Boakai remarked.
The forum also featured presentations by National Investment Commission Chairman Hon. Jeff Blibo and other Liberian officials, who outlined specific projects in agriculture and infrastructure for potential Canadian investment. The interactive sessions enabled Canadian investors to engage with Liberian officials and explore opportunities tailored to their interests.
In closing, Boakai reinforced Liberia’s commitment to fostering deeper diplomatic and economic ties with Canada, noting the important role of the Liberian diaspora, which has played a significant part in both nations’ development through remittances and cultural exchange.
The Liberia Investment Forum 2024 marked a critical step in solidifying Liberia’s position as an attractive destination for international investment, with President Boakai’s administration setting the stage for enhanced bilateral relations and sustainable growth.
