Government Receives Another Investment Boost as Canadian Company Unveils Heavy Duty Equipment in Monrovia

Tuesday, 25th September 2007
President Sirleaf poses with members of the Buchanan Renewable Energies.
President Sirleaf poses with members of the Buchanan Renewable Energies.
Photo Credit: Adama B. Thompson/Executive Mansion
Monrovia, Liberia - Liberia on Tuesday received another investment boost to post-war reconstruction with a display on Tuesday of 90 pieces of heavy duty and other earth moving equipment worth more than 10 million U.S. dollars. The pieces of equipment were brought into the country by a Canadian-based company known as Buchanan Renewable Energies, Incorporated.

With an initial capital investment of 15 million U.S. dollars, the new company says it was investing in Liberia based on the potential the country offers for the production of biomass fuel, a production central to Buchananís investment. According to the Buchanan Renewable Energies President, Joel Strickland, his company intends to rejuvenate Liberian rubber plantations through the removal of non-productive rubber trees for cultivation of land in preparation for planting. He said his company will work with local farmers in assisting to replant rubber trees if required by plantation owners.

Outlining the benefits of investing in Liberia, Mr. Strickland said Liberia has the potential to become the worldís leading first biomass driven sustainable economy in addition to becoming a major exporter of biomass.

The company said it will initially provide employment opportunities for more than 400 Liberian employees by the end of the year.

President Ellen Johnson Sirleaf welcomed the investment, which she said represents a true partnership that government will continue to support. The Liberian leader lauded Buchanan Renewable Energies for the investment which was brought into the country without any request for special favors from government.  The President also lauded Liberian business partners who have teamed up with Buchanan Renewable to invest in the country.

The President urged citizens to cooperate with the new company and help protect its investment, which she emphasized will provide more employment opportunities for the country.

National Investment Commission Chairman, Richard Tolbert, described the investment as a direct result of the positive image the President has created for Liberia. The NIC boss said the investment represents the first phase of what is expected to be massive future investment in Liberia.