May 6,2014 Monrovia, Liberia
The Government of Liberia through the National investment Commission(NIC) on Tuesday, May 6, 2014 proudly signed a concession agreement with a Liberian Company called Liberia Cocoa Corporation(LCC) for a period of 40 years and may be extended after being signed, ratified and duly published as law.
The agreement of 6,000 hectares of land in Lofa County will have no export tax on Cocoa beans and Cocoa by – product, but export of products other than cocoa beans and cocoa by–products shall be subjected to taxes and duties to the extent provided by law.
The Liberia cocoa company shall be exempted from payment on import duties as are generally applicable under the law on items of agriculture, industrial machinery, capital spare parts, supplies and equipment, raw materials used in production, Investor’s activities, medical and educational products and supplies.
The Government and LCC shall assist Liberian small holders in an out growers' program by providing public land in Lofa County or in adjacent county not less than 20% of LCC production area. LCC is to assist out growers in planting and /or cultivating not less than 10 acres annually of such land and will commit to purchase cocoa beans harvested from the out growers in accordance with the terms of this agreement.
The agreement also states that LCC shall hire Liberian nationals to hold at least 50% of the ten most senior management positions within 5 years of the effective date, at least 75% of such positions within 10 years of the effective date and provide training to Liberian nationals to qualify them for positions.
The Chairman of the National Investment Commission (NIC), Hon. Michael S. Wotorson, said the signing of this agreement between the Government of Liberia and one of the sons of the soil is a critical and highly positive turning point for the Economy and for the Liberian entrepreneurs
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