STATEMENT BY HIS EXCELLENCY
THE PRESIDENT AT THE INAUGURATION OF
THE LEOCEM MILL 2 ON TUESDAY 30TH AUGUST 2005
AT THE LEOCEM PREMISES,
CLINE TOWN

SALUTATION

Mr Chairman, my Government is well aware of the positive influence that Private Sector Development such as this will have on the country's economy and so we are actively pursuing policies and implementing programmes to create the enabling environment to encourage and sustain old investments and attract new ones to Sierra Leone.

The attraction and promotion of new investment is crucial to achieving sustainable economic growth, reducing poverty, providing employment for our young people and of course for the overall long-term development of the country.

I am therefore proud to be here today to inaugurate this new mill that can now produce 40,000 bags of cement a day. This will go a long way in meeting the country's increased demand for cement in our thriving construction industry. The inauguration of this new mill is a clear indication that our country has made great strides in the area of Private Sector Development since the end of the war. I want to thank LEOCEM for this demonstration of confidence in the country and on my Government's Private Sector Development policies. I am pleased that the company's speakers have emphasized the cooperation and support they continue to receive from Government. This is how it should be, because the role of the Ministry of Trade and Industry is to play a facilitating and supporting role for business to thrive and expand as LEOCEM has done. I understand that this LEOCEM expansion investment is over 9 Million US dollars with a new mill capacity of 420,000 tons per annum.

As a Government, we are keenly aware of the role this expanded mill can play in the creation of employment, generation of incomes for distributors, retailers and transporters and the overall enhancement of our development process.

My Government is operating a liberalized trade regime for the fostering of growth and development and as a Poverty Reduction Strategy, we have made Private Sector development take centre stage as the primary means of creating employment and generating and sustaining economic growth.
Let me congratulate and thank the current owner - Heidelberg Zement, for investing in major upgrading including generators to secure uninterrupted electricity supply. I want to reassure the company of Government's efforts to improve and stabilize the electricity supply in the city even before the awaited 2007 completion date of the Bumbuna hydro-electric project. I am sure this will eventually impact positively on your production levels and costs.

The contribution of LEOCEM goes beyond the creation of jobs and provision of essential cement for the construction of our communities, the company is also a significant contributor to the national revenue collection. I am sure the NRA will secure increased revenue from the new high production levels.

I must not end my short statement without touching on the need for corporate social responsibility to be observed by all industrial sectors of our economy.

The milling of cement requires the observance of staff safety and environmental safety standards.

I hope that the company is working closely with the Standards Bureau of the Ministry of Trade and Industry and the Factory Inspectorate Division of the Ministry of Labour to ensure that high standards are maintained.

I am very proud of this investment, which I see as a vote of confidence for our efforts of consolidating the peace, and encouraging private sector development. I want to assure you of my Government's continuing cooperation and support in all the activities of your company.

This 9 Million Dollar expansion investment, I hope, will send the message to other investors currently sitting on the fence - that Sierra Leone is indeed open for business.

Thank you.

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