By Bill W. Cooper
Nimba County Senator, Jeremiah Koung has described the National Investment Commission (NIC) as a “toothless bulldog” due to its inability to attract and enforce foreign direct investment (FDI) into the country.
Sen. Koung, who is also the political leader of the Movement for Democracy and Reconstruction (MDR) claimed that the lack of progress made by the NIC in attracting FDI, despite the country’s vast natural resources and potential for economic growth is a result of a leadership that lacks international connection and vision.
He said, “The NIC was established to attract foreign investment into Liberia, as well as ensure that all MDA signed between the government and investors are adhered to but the Commission has failed to live up to its mandate.”
“And now as we speak, the NIC has become a toothless bulldog, unable to bark let alone bite. This is unacceptable for our country and people,” the Unity Party vice standard bearer asserted.
He made the statement Tuesday, June 27, 2023 while debating a report from the Senate Committee on Lands, Mines, Energy, Natural Resources and Environment regarding the Western Cluster Agreement with the Liberian government, at the Liberian Senate in Monrovia.
According to Sen. Koung, like the Western Cluster Agreement, several others investment in company in the country are also refusing to adhere to their respective MDA signed with the government.
He attributed the disrespectful behavior of companies operating in the country to adhere to the MDA to the NIC’s inability to ensure that said work in line with their respective MDA with the Liberian government.
The Nimba County lawmaker explained, “So, presiding and colleagues, all of these agreements need to be critically revisited as well as take a critical look at the commission and determine what needs to be done to make it more effective.”
“And if it will cause us to adequately fund the NIC, we have to also look into that direction because that institution is very key and critical to what come in this country through investment,” he noted.
Sen. Koung stressed that his action is in no way trying to scare away investors, to encourage the NIC to work in line with its mandate to ensure that companies operating in the country comply with the law of the host country.
“I’m only being practical. Even though we need foreign direct investment, it should not also be at the detriment of our people but for their betterment.”
He called for a complete overhaul of the commission, as well as urged the government to provide more support and resources to help the NIC achieve its mandate.
Meanwhile, some senators including Sen. Nyonblee Karnga-Lawrence shared Sen. Koung’s concerns about the commission’s ineffectiveness and stressed the need for the senate to act swiftly through the revision of the Western Cluster deal and other agreements.
However, information has it that the country has struggled to attract foreign investment since the end of the civil war in 2003, and many Liberians believe that the NIC has not done enough to address the challenges facing investors.
