The National Chairman of the Patriotic entrepreneurs of Liberia Dominic Nimely, wants Government support local businesses through the allocation of ten to twenty million United States Dollars annually as loans to ensure economy viability.
The Liberian entrepreneur said, supporting and periodizing Liberian own Businesses are critical for the growth of the Liberian Economy.
Nimely said doing this will vastly empower local businesses and will enhance economic growth and create a competitive market environment between Liberian business and their foreign counterparts.
Nimely, also wants the Ministry of Commerce to effectively monitor the business environment to ensure that foreign businesses are not in the habit of doing both retails and wholesales.
The PATEL Chairman intoned that such acts are undermining the growth of local businesses. “There are several businesses set aside to be done only by Liberians, but foreigners are venturing into it with no remorse, this is seriously affecting us as local businesses, the Liberalization Policy.’’ Nimely averred .
Mr. Nimely said, it is frustrating for banking institutions and other money lenders to continue creating bottleneck, something he believes is strangulating the slow pace of local businesses in the Country.
He alleged that foreign businesses are the ones directly benefitting from loans and other privileges as opposed to Liberian own businesses.
“Loans are not given to local businesses, if by any chance you get it, the interest rate is so very high that to pay back becomes challenges and the pressure from the LRA, the Banking institutions, APM Terminal you are placed at the point of death’’ he arrived.
He stated that such act is hugely impeding the growth of Liberian owned businesses and wants something done to remedy the situation.
He maintained that PATEL has petitioned the National Legislature to rectify some of the business agreements to improve the business climate in Liberia.
The PATEL chairman made specific reference to the APM Terminal, nothing that the entity does not accept Liberian dollars in its business operations.