On June 23, Tidfore Group signed an historic incentive agreement to build steel and cement plants in Liberia, as the country looks to develop its standing as an export-oriented nation.

The projects – a 500,000-tonne full-process steel plant, and a 600-000 tonne cement plant, based in the federal mining area - represent investments of approximately US$250 million, and form part of both the China-Africa Industrialization Cooperation Program, and the Chinese national Belt and Road initiatives. 

The agreement signing took place at the Presidential offices, signed by Tidfore Overseas Deputy General Manager Zhang Guoyan and George G Wisner, Vice Chairman of the Investment Committee of Liberia, and witnessed by Liberian President Ellen Johnson Sirleaf, Chinese Ambassador to Liberia Zhang Yue and business counsellor Xiao Mingxiang.

President Sirleaf described the agreement signing as signifying a new chapter in Liberia’s economic transformation, welcoming the cooperative opportunities it brings: “The arrival of the Tidfore Heavy Industry Plant is not just a value-added product, but also a wider investment opportunity for the upstream and downstream industries.”

Currently, Liberia's economic structure and industrial base are relatively underdeveloped. The successful implementation of the Tidfore steel and cement plants project will be fundamental in helping to facilitate the stimulation of the industrialization process in Liberia, and will lay a solid foundation for future foreign investment in Liberia's industrial projects.. The agreement signing represents the culmination of eight months’ preparation work by Mr. Zhang Guoyan in consultation meetings with the Relief Business Delegation and the Liberian Investment Committee, the Ministry of Justice, the Ministry of Lands, Mines and Energy, and the Ministry of Finance.

Attending the signing ceremony were: George G Wisner, Vice Chairman of the Liberia National Investment Commission; Patrick Sendolo, Minister of Lands, Mines and Energy; Frederick Cherue, Minister of Justice; and Boima Kamara, Minister of Finance. Tidfore Group’s Mr Matthew and Mr Zhang Peng also attended.