The Plenary of the Liberian Senate has mandated its Committees on Concession and Investment, Ways, Means, Finance and Budget to scrutinize an agreement for the establishment of a Rubber Processing Plant in the Country.
The Investment Incentive Agreement between the Government of Liberia and Jeety Rubber LLC was submitted to the Senate by President George M. Weah during the 15th Day Sitting of the Special Sitting of the Senate on Thursday December 14, 2021.
It was based on a communication from President of Liberia seeking the Senate’s ratification to the effect.
Centred on a motion proffered by Bong County Senator, Prince K. Moye, Plenary resolved that the committees carry on the necessary works and report within a week for further actions.
In his Communication, President Weah indicated that under the agreement, the investor shall construct, develop and operate a national rubber processing and production plant for the production of tyres and other natural rubber products, as long and short rubber goods.
Additionally, the Chief Executive mentioned in his communication that the proposed processing plant will also produce condoms and rubber bands.
Accordingly, he added that the plant when established will be expected to process 5,000 tons of rubber per annual.
The Liberian Leader noted that the establishment of the plant for natural rubber processing and production will be the first major processing plant in Liberia and will be located primarily in electoral District 5, Margibi County.
He added that the investment will have significant benefits to the local economy, including other countries.