A.1. The EIRAN - SLEDIC trade-fair is the one that you are referring to. As far back as 1998 His Excellency the President, Ahmed Tejan Kabbah visited Iran as a result of which a communiqué was signed between the two countries with respect of a variety of areas, one of which was economic cooperation, trade and investment. We in SLEDIC, have taken steps to actualize that aspect of the communiqué by networking with a number of companies from Iran. We are currently looking at the possibilities of exporting our products to Iran as well as the organization of trade fairs. Soon we established a separate relationship with the EIRAN trading group that encompasses about 15 companies, to conduct joint trade fairs in Sierra Leone. So far we have had 4 successive trade fairs and exhibitions and our role is to act as hosts, we facilitate the organization of these fairs by making all the arrangements which include custom clearance, transporting the goods from the ports to the venue, advertising it, constructing the exhibition boots and the hiring of labour as well as sales staff, accommodation, transport and other welfare services. We do this free of cost, because our main duty amongst others is to facilitate trade and investment. The trade fairs held so far have made a significant impact drawing sometimes up to 10 000 visitors making them the most popular fairs. The goods presented on these occasions range from industrial to domestic. Apart from being popular, Sierra Leonean have found them to be very useful because the prices seem to be accommodating and I was not surprised to find out the other day that Iran is one of the cheapest countries in the world. The goods also reflect the costs of acquisitions. Landing here, all the taxes and duties are being paid so it is a revenue making venture for the Government in addition to the possibilities that it offers to the people and the employment opportunities. It has now become an annual event and many are looking forward to it, particularly construction materials are very popular, as you might have noticed there is a feverish construction activity in the country following the destruction of the last years. This year was particularly successful, because the entire quantity of goods was sold by the end of the two week exhibition. In the past some goods remained unsold but not this time. I think it's an indication that life is improving and people and their capacities are also improving, it also shows the growth of buying power in the country.

Q.2. There are so far limited export markets, and a big misbalance in investment in the different sectors of the economy, what would be your advice to tackle this issue and how could SLEDIC offer a solution to it?

A.2. A primary role of SLEDIC is to identify investors and facilitate their activities, in doing so, we operate as a one-stop-shop in the sense that we can facilitate the first steps, like the registration process. At this stage we do not determine the areas of investment but we have a number of priority areas for investment and as such we encourage investors to come into these areas. We have taken years to work on an investment regulation act and that is almost near to completion. The process has been delayed, because we wanted to make sure that everybody participated in the process. The first meetings included 21 entities, including Government owned companies and the private sector. We made sure that their opinions were taken into consideration as well as the opinions of our multilateral donors. The regulation itself provides almost all the attractive requirements like national treatment, safety and security of investments, repatriation of profit, dividends, and arbitration in line with international best practice. In addition we have also provided for a minimum of protection for Sierra Leonean, particularly for those running small enterprises by making specific provisions for what we call "reserved areas". There are 10 or 12 "reserved areas" and they are made because we believe that our nationals generally are disadvantaged and the people running these small businesses have to be given some enhancement. That is not discrimination towards the foreigners. Establishing some kind of a compensatory mechanism we have brought in these "reserved areas"; these are all areas that require small investment. At the end of the day an investment regulation act has to be owned by the people and people should see to what extent the interest of their citizens is protected. Facilitating the operation of foreign direct investors for us is one of the ways in which we can contribute to the development of the economy; in particular we encourage foreign investment in the agricultural sector. That is where our bread and butter is, we have an enormous agricultural potential together with an available workforce. 70% of the population is engaged in agriculture at the same time it is the least mechanized sectors of the economy, so we particularly need investment in that sector if we want to achieve the goal set by our President with respect to food sufficiency.

Q.3. Access to credits and funds, is one of the major constrains on the economy, how can you help tackle that issue? What should be done?

A.3. The lack of access to capital is quite a constraint on the economical activities of this country, in most cases it is much more of a case of insecurity. Land should become a security in the future for loans. The problem we have here is that our credit agencies have not been happy with the land tenure system because it is not a uniform system; it is a dual system that is invariably very complex and not easy to administer. In the Western areas the land ownership is vested in the Paramount Chief and the tribal authorities. The question is how they can utilize their land as security for loans; it is quite a topical issue. As much as the banks can be blamed, one has to visualize their position because of the insecurity that is involved in the land tenure ship. We register land in the Western area but it is the registration of the instrument and not the title, and because of that it does not convey the right that would devolve the land safely to a successor. These are issues that the Government is looking at currently and to that respect SLEDIC is part of that in looking for solutions and expediting change. We recognize the fact that we have to change quite a lot of our present legislation to make our land commercially available with an element of security. In the past we have proposed action in respect of registration of title, since the lack of up to date cadastral, land holdings or the rights, statutory declarations and all that has led to mounting land disputes. We are working with other institutions, for example with the Law Reform Commission, the Ministry of Lands, with the land owning authorities in the regions, such as the Paramount Chiefs, families, etc to find a suitable solution. We are trying to make people feel the commercial value of land. We are currently propagating the cultivation of a new variety of ginger, which we have distributed in the ginger beds, and we want to make sure that the farmers embark on this program, but to be able to do that, first they need access to land. Land, however, is only of interest if it can be exchanged for money, if there is a commercial value attached to it and SLEDIC is playing a vital role in that process too.

Q.4. Lets talk more precisely, how can you help a potential investor to realize an agricultural project?

A.4. First of all, he will have to register a company and we will facilitate it. It means that in the day he lands here up to the day he starts his activity, SLEDIC is involved. We provide the welcoming touch and the feeling of security; we consider that as part of the element of creating a welcoming environment. In addition to that, once we have identified the type of investment, particularly when it is in line with our priorities, such as agriculture and agricultural crops, SLEDIC has as one of its activities to encourage and promote agricultural production as well as diversification of export goods. We will let the Ministry of Lands know that land is required, invariably they will work with us to identify the land, either Government owned that can be leased - that is in the Western area, - or in the provinces getting the support of the Chiefdom Authorities. Subject to the issue of lease to non-Sierra Leonean that we are trying to counter by unifying in lease holdings in terms of the period. That is working towards the policy that would give the same period for both nationals and non nationals in the lease agreements to ensure that the investments are secured. Presently, the law provides in the case of the provinces 50 years, to be renewed for another 50 years, in Freetown the limit is 21 years to be renewed for another 21 years. Say 75 years with the right to be prolonged for another 75 years could be one of the solutions. In reality it is a case of sensitization for the local authorities to see, realize and appreciate the benefits of commercialization. At the end of the day, agricultural activity will employ the enormous amount of cheap labour that we have in Sierra Leone, at the same time it will offer an opportunity to trade, to increase income and with the multiplying effect it will help to reduce poverty and the pressure on our extended family system. We have also been working on a number of concessions for commercial agricultural activities. To that extent, we have divided the country into region A, the Western Area and region B, the Provinces. Most of the concessions are for Area B, because of the lack of infrastructure. The objective is to balance the development of the different parts of the country and to stop the massive migration of the population into the cities.

Q.5. The Foreign Investment Act is being elaborated, what could you tell us about it? What will be the difference and the advantage of investing in Sierra Leone?

A.5. The Investment Regulation Act has elements that can stand the test of any investment regulation acts that is why it has taken us such a long time to create it. First of all, we have got the private sector to be involved in the elaboration of that act. Secondly, we have done a diagnostic study of investment codes in the ECOWAS and other African countries. We have also taken into consideration the advice of our bilateral donors, particularly of the World Bank, the Foreign Investment Advice Section and we have included the provisions that they suggested, like settlement of disputes, national treatment, acknowledgment of the rights of the investor, in addition to creating an enabling environment, the laws related to investment, we are looking at such issues like arbitration laws, patents and trade marks. We are also looking into other areas of commercial activity that need to be protected. Harmonization of taxes and tariffs with ECDOWAS countries, it is important to us because we feel the competition from other ECOWAS states. We are also refurbishing Hotels to make sure that decent accommodation is available, etc.
Our people like strangers, our people are very receptive, that helps us to sell our country in addition to our beautiful beaches. If we are looking at the difference, than it is what we are as a nation and how receptive we can be. Our environment, our laws and what makes us truly different are our people!

Q.6. There are 24 state owned companies to be privatized, when do you expect the privatization process to be enhanced and implemented?

A.6. The issue of privatization has been on the agenda for quite a long time. Besides the reasons, like mismanagement, there is also an element of social cost. The Government has realized that it has nothing to do in business; it is not the most efficient manager of these entities. The Government took the decision to come up with the privatization act which is institutionalized in the form of the Privatization Commission, following that there was a diagnosis of the paraestatals. The list includes a lot of companies, from various sectors of the economy. Sierra Leone signed a bilateral investment agreement with Britain that grants British investors' special treatment if they come to our country. That agreement gives a wide scope to British investors, particularly in terms of security; there is a clause that provides for non expropriation, the transfer of dividends, arbitration according to British law, etc. I think that the key element is stability. Sierra Leone has looked at Britain as the motherland, particularly because of the role it has played during our years of war. For most Sierra Leonean, British investment is welcome, we can relate to them in terms of language and also in terms of practices that we inherited from the British Empire. It is a nation with which we can identify more easily and also it is part of our heritage, we had the first commercial links, a lot of our export goes there and a lot of import used to come here. Now it is declining, because we have identified other countries that are offering us goods. Notwithstanding, Britain and British investors can find Sierra Leone an economic heaven.

Q.7. There are export processing zones being created in Sierra Leone, what is the reaction of foreign investors and the locals? How much interest have you received so far?

A.7. We are in the process of establishing export processing zones. We have identified several areas, like the island of Lungi, parts of the Western area, Grafton, etc. We will soon take this policy to the provinces. We have been receiving investment delegations interested from China, Malaysia, a good many African countries, European countries like Spain from Barcelona, for example. They all have plans to make use of our export processing zone facilities that will be provided. They will establish factories here; they will produce goods for the local and the export markets, offer employment and skill training. I think that we are making serious progress in that matter, our biggest disadvantage was the instability, but now that we have peace I don't see any reason why this peace could be overturned. We see a very bright future full of activities. The investment that flows into Africa is usually very small and very slow compared to the other continents. We are creating an environment that will attract investors. My office is receiving everyday enquiries of all sorts, to develop projects here.

Q.8. What are the plans to develop SLEDIC according to the increasing demand?

A.8. SLEDIC's present capacity may not cope with the rising tide of investors coming in. We are doing our best, almost working around the clock. SLEDIC is a unique agency, because the Government has combined export promotion with investment, in other countries it is separate and they operate distinctly, so our scope of work is enormous. We are looking forward to restructuring in the future that will cater to the rising activities. During the war years we did not have the necessity, but with stability we are being inundated with investment enquiries and our scope of activities has increased, we are into diversifying and developing exports, conducting studies to market identification, establishing outlets in the country, sensitizing people about what we can do. We expect a structure to be put together to match all these demands present and future. We have developed a 3 years strategic plan, and in addition to that we have a long term strategic vision up to 2007 against the background of a series of scenarios which will call for the expansion of our activities and our staff strength. We are currently planning to establish a monitoring arm, that would go to the regions and collect information in the areas where we have distributed ginger and to study the impact, the potential, the post harvest strategies, etc. SLEDIC is growing and I will have to set up an organizational structure that will reflect that growth in activities. We also want to expand our trade information activities; our aim is to improve the accessibility of information, particularly market identification for our export products. We are hoping to establish a customer relations arm which will relate to the public in a form of a proactive public affair form, to let the public know about our activities and our plans for the future. Our trade fair activities alone needs a whole department and we are getting to be the focal point of trade fair activities in this country, because we have the specialization, so obviously we see SLEDIC go miles ahead.

Q.9. What has been your professional background before taking up the position of Managing Director of SLEDIC?

A.9. In terms of educational qualifications, I have a second degree in economics and accounting, management. I studied at our Fourah bay College and on graduation I worked in the Public Service and was posted to the provinces as a District Officer; it is like a State Governor in charge of administrating the district, for about 4 years. Then I joined the Ministry of Foreign Affaires and was assigned to New York to work as Acting Council General. Following that, I underwent my training in the Canberra Foreign Ministry and after I was assigned to continue to work as a Counsel General. Soon I moved on to Cuba to serve as a diplomat. From Cuba I went back to the States to graduate school in Pennsylvania and after that I went to Washington as First Secretary and Consular Officer. I also worked for a number of international organizations, like IMF, World Food Programmes, etc. From there I moved back to New York where I was mostly undertaking UN activities, serving the 5th and the 2nd committee, serving the liberalization committee, I was Vice- Chairman of the 27th Session of the UNDP General Assembly, etc. Back home I was working in two ministries and after the elections in the Ministry of Mines and soon I moved to Shell. I was a buy-in for them that are how I left the public sector. I was there in almost all the departments and I was the Managing Director in 1994 when the company decided to leave, purely for security reasons.