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  Latest News »
 NIC SIGNS MOU FOR TIRE PRODUCTION IN LIBERIA

Monrovia, May 10, 2018 – The Government of Liberia, through the National Investment Commission (NIC), signed a Memorandum of Understanding (MOU) with the Shanghai Lvren Ecology Economic Environment Protection (SLEEEP) for the establishment of a tire production plant in Liberia. Shanghai Lvren Ecology Economic Environment Protection, a partner of Republic Waste Management Services Inc. (RWMS), is equipped with scrap tire recycling technique that can recycle scrap tires and produce new tire materials. Republic Waste Management Services Inc.  of Liberia is a legally registered company with Liberians, Americans and Chinese as owners. Its core business is the provision of   waste management services and recyclable resources locally and internationally.

According to the Memorandum of Understanding signed with the National Investment Commission, the plant will be used to dispose of scrap tires, create 600 jobs for Liberians, invest about 103.16 million United States dollars over a period of five years, raise $10 – 50 million in foreign currency from export; and transform into a technology and manufacturing center for durable tires.

Atty. Molewuleh B. Gray, Executive Director of the National Investment Commission (NIC) expressed excitement about the initiative, and noted his appreciation for the inclusion of local content within project. He also encouraged the investors to share information about investment opportunities in Liberia to their external partners or other potential investors outside of Liberia.

On behalf of the investors, Messrs. James E. Banks and Xu Junshi, Managing Partner (RWMS) and Chairman (SLEEEP), respectively, conveyed their thanks and appreciation to NIC and the Government of Liberia for the strong support and partnership that resulted into securing such mutual agreement.

The National Investment Commission’s mandate is to promote Liberia’s many investment opportunities, attract and support the growth of value-adding foreign direct investments, and advocate for and strengthen the domestic private sector.

 

 
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