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— Former Commerce Minister Amin Modad asserts
Amin Modad, former Minister of Commerce and Industry, wants the private sector to be at the center of the country’s economic revival.
Modad, who has been an advocate for economic development and trade, emphasized that the nation’s future lies in self-sufficiency, entrepreneurship, and strategic investments.
“I am truly honored to join you this morning at this auspicious event, not only because it is one of the programs that I championed while serving as Minister, but because it highlights the crucial partnership between the government, development partners, and the private sector in fostering change and developing a sustainable economy,” Modad told the conference.
Speaking at the MSME Conference and Trade Fair 2024 in Monrovia, Modad urged the private sector to take a leading role in steering the country towards economic prosperity.
He further commended the leadership of the Ministry of Commerce, the World Bank, and the private sector for successfully organizing the conference, highlighting the significant role such events play in shaping Liberia’s future.
“There could never be a more opportune period for such an event than this pivotal moment in our country’s history,” he said, referencing Liberia’s current economic challenges and opportunities.
Modad acknowledged that Liberia’s economy, when the current administration inherited it, was “dysfunctional” with a stressed business environment and weakened institutions.
He recalled a time when the Ministry of Commerce was struggling to function effectively, and the business community was undecided and reluctant to invest.
“The administration inherited a dysfunctional and stressed economy, broken-down institutions, including the Ministry of Commerce and Industry, and an undecided business community,” he stated.
Despite these challenges, Modad expressed optimism about the country’s progress, noting the success of the MSME Conference as a testament to the resilience and potential of the Liberian people.
“The ensuing events of this MSME Conference are testaments to what we have to offer as a people and endless possibilities of what we can achieve with the genuine leadership we now have,” he continued.
One of the key points in Modad’s speech was the emphasis on self-sufficiency, particularly in the food sector, and the importance of smart investments. He called on the private sector to focus on developing Liberia’s comparative advantages and leveraging them for long-term economic sustainability.
“We must focus on self-sufficiency and self-reliance, reducing as much as possible of what we consume, particularly on the food side,” he urged, adding that Liberia must invest in sectors that support its economic security and future prosperity. “We have a president who understands the agriculture sector, the relevant value chains, and champions empowerment in the green private sector.”
In a country where agriculture plays a significant role in the economy, Modad stressed the importance of leveraging Liberia’s natural resources and youthful population to build a more resilient private sector. “Our greatest endowment is our people, particularly you, the private sector,” he said.
Modad also urged the private sector to embrace competition in a way that benefits the larger economy. He called on entrepreneurs to challenge themselves to be better than their competitors, not only in Liberia but regionally.
“I challenge you today to be far better than your brother and sister, better than your competitors doing the same business with strategic thinking,” he said.
While advocating for competition, he also encouraged constructive collaboration. “Compete constructively and complement each other’s efforts,” he added, highlighting the importance of mutual support in creating a sustainable business environment.
Modad acknowledged the importance of the government’s role in fostering an environment conducive to business growth. He pointed to several key areas where reforms are necessary, including the establishment of a functional electronic single window system to streamline trade processes and the reduction of administrative bottlenecks that hinder business activities.
“Yes, we must improve the standard structure to facilitate our capacity to export competitively. Yes, the cost of doing business and administrative bottlenecks must be reduced,” Modad stated. He also called for greater efforts to enhance the country’s talent pool and improve the value chains across various sectors.
Modad expressed confidence in the leadership of President Boakai’s administration, praising the government’s commitment to economic reforms despite the challenges faced. “I can say this with confidence because I experienced the leadership and commitment by the President and many of those he appointed to serve. Genuine progress and positive changes have been made, despite some distractions,” he said.
According to Modad, there are clear signs that Liberia’s economic situation is improving. He noted that the prices of key commodities, including petroleum, are steadily dropping, positively impacting the cost of doing business. Additionally, efforts to improve affordable power supply are beginning to yield results, and the microeconomic environment is showing signs of improvement.
“Prices of commodities, notably petroleum, are consistently dropping, positively impacting the cost of doing business. Efforts to improve affordable power supply can be felt. The microeconomic environment is improving,” he said.
He also mentioned the positive adjustments in the exchange rate and other economic variables that are showing signs of stabilization.
Modad took the opportunity to encourage Liberian businesses to explore the broader regional market, particularly through the African Continental Free Trade Area (AfCFTA). He emphasized the importance of regional trade as an avenue for expanding business opportunities across the continent.
“I implore you to explore regional opportunities in the AfCFTA. There are enormous market opportunities across the continent. I’m talking about selling your products next door in Sierra Leone, Ghana, Kenya, and South Africa,” he said, pointing out that regional trade could open doors for Liberian businesses to expand beyond the local market.
Modad also acknowledged the challenges that remain, particularly the “malicious spending” and “crab mentality” that hinder economic progress. He encouraged the private sector to overcome these mentalities and work together to build a stronger economy.
“There is a very thin line between malicious spending and what we see as vast prosperity and development of other countries,” he said, urging Liberians to aim for greater success and to support one another in the process.
“I challenge you today to aspire for more, compete constructively, and complement each other’s efforts for the greater good. Together, let us chart a new path forward,” Modad concluded.
The MSME Conference and Trade Fair 2024 concluded with a renewed sense of determination from Liberia’s entrepreneurs, eager to take up the challenge Modad had laid before them: to lead the charge in building a resilient, self-sufficient economy that can weather any storm.
