Q.1. One of
the functions of Sledic is to organize trade
fairs and you have been very active in that,
the last one was organized with the participation
of a delegation from Iran, what have been
the results of these trade fairs in general?
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.
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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.
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