The Minister of Commerce and Industry says Liberia has not experienced any shortage of rice and the price of the commodity has remained stable for the last nine months. Speaking Thursday, October 3, 2024, at the Ministry of Information regular press briefing, Commerce Minister Amin Modad said that as of September 27, 2024, India reduced its previously imposed 20% tariff on rice, and this is impacting the price of rice globally by 10% and will have a positive impact on stabilizing the price of rice in Liberia.
“We are going beyond rice and believe that food security is a key factor for the growth of a nation and our agenda has been focused on it,” he said.
Madad said his ministry has been working with the Ministry of Agriculture and other agencies focusing on how to improve the production of rice and other necessary food items, as one of his key focuses is to ensure that Liberians take charge of the basic foods in the industry, and is engaging partners to support, expand and modernize the food industry.
Minister Modad said he intends to make the industrial sector more attractive for investment and to establish additional hubs in Bong, Nimba, and Lofa Counties.
Meanwhile, he said the Ministry of Commerce has entered into collaboration with the Liberia Electricity Cooperation to construct a substation at the Industrial Park.
He said this substation will provide access to electricity and reduce the cost of power for manufacturers; the project will be completed in the course of the next nine months.
The ministry has also implemented a new policy on electronics, mandating importers to establish local workshops to be solely operated by Liberian technicians.
Minster Modad said the ministry has opened the market on various commodities and set standards that allows anyone to apply for a permit to import these commodities including rice.
Modad said there were a total of six rice importers in the country when he took over as minister, but the number has since risen to over twelve importers.
Additionally, he said there is an overflow of fresh frozen foods on the Liberian market because the market has been opened.
“I remain fully committed to empowering Liberian businesses. Coming from the private sector I know what it means and understand the challenges Liberian business owners are facing on a daily basis, and I’m committed to ensuring that Liberians take charge of the economy,” he said.
