Sierra Leone and UK Signs Trade and Investment Agreement
By Mohamed Konneh
The Government of Sierra Leone and the United Kingdom on Thursday 9th March 2023 signed an MOU on trade and investment for the two countries. The signing ceremony took place at the Ministry of Foreign Affairs and International Corporation Conference Room Tower Hill in Freetown.
While signing the agreement the Rt. Honourable James Cleverly said the Memorandum of Understanding, MoU, with the government of Sierra Leone will improve trade relations between the two countries.
The UK Secretary of State for Foreign, Commonwealth and Development Affairs was appointed on 6th September 2022. The former Conservative MP was visiting the Sierra Leone, the birthplace of his mother, and went to Bo on International Women’s Day where he announced a new strategy to help women and girls.
"Trade drives growth. It drives prosperity and development. Women's empowerment is the best tool when it comes to lifting millions of people out of poverty in the world. The MoU will enhance the trade and investment relations between the UK government and Sierra Leone. It will help transform the very long relationship between the two countries, James Cleverly said in Freetown.’
This he said will unlock exciting new international business opportunities in Sierra Leone and 64 other countries worldwide. It will not only cover duty-free export for businesses from Sierra Leone into the UK, but it will also ensure much easier ways of selling Sierra Leonean goods to the UK, with greater opportunities for businesses in textiles and palm oil businesses.
The UK Foreign Secretary said he was grateful for the warm welcome he received during his visit to the country and expressed hope that the agreement would help transform and strengthen the bilateral relationship between the two countries.
"The British government wants to see Sierra Leone become a middle-income country, with more investments coming into the country from UK firms and entrepreneurs growing their own businesses. The two countries have a long history, but by also doing business and trading together, they can develop a genuine relationship. The UK will be very supportive of that," he said.
Returning to the country, Sierra Leone’s President Julius Maada Bio met with the UK Secretary of State at the newly constructed Freetown International Airport where he assured the UK Foreign Secretary of his government's commitment to fully implementing the MoU in the interests of his government and the people.
"You can rest assured that my government will do whatever we can to ensure we achieve those aspirations. That is the essence of a government: to make sure the business climate, the incentives, and everything that we have to make sure that we have an ecosystem that is conformable as far as businesses are concerned.
"My government wants to make sure we attract the best businesses. With the relationship between the two countries, it is easier to do business with the UK. So, that is why we are excited about the MoU and we are hopeful that your visits to Sierra Leone will help keep the relationship and expand beyond what it is at the moment," he noted.
President Bio acknowledged the difficult times around the world but expressed hope that as leaders they could comfort, protect, and secure their people’s interests by taking into consideration the global hike in prices.
"As a government and people of Sierra Leone, we are excited about your visit, the signing of the Sierra Leone-United Kingdom Memorandum of Understanding on Trade and Investment, and the launch of a bilateral trade and investment forum," he concluded.
