By Abass Jalloh
The Sierra Leone Investment and Export Promotion Agency (SLIEPA) has presented a report called International Investors Perception Survey (IIPS) for Sierra Leone which states that “83% of potential investors surveyed indicated they have plans to expand operations in Africa”.
The report was prepared by a company called Wavteq through the African Development Bank.
Presenting the report on Thursday 30th June 2022 in Freetown, Joy Priya Samasundram, the Consulting Manager of Wavteq, said the survey reached out to 80% of potential investors such as Chief Executive Officers (CEOs), Managing Directors (MDs), Department Heads, Consultants, Lawyers, the Self-Employed, and others to get their perceptions on the investment climate and IPA services in West Africa. The highest respondents he said were the CEOs and MDs.
Agribusiness, coal, oil, natural gas, renewable energy, logistics, and distribution have the highest Foreign Direct Investment (FDI) potential in Africa, the report noted.
He added that Wavteq researched 21 existing investors in Sierra Leone to gather insights on their experiences investing in the country, stating that 92% of respondents are familiar with their company’s investment strategy for Sierra Leone and company operations in the region.
Most firms surveyed operate in the agribusiness, mining, financial services, renewable energy, and telecommunications sectors.
Sierra Leone did not rank well in terms of local financing of projects, infrastructure, and quality of local companies for partnering.
The report also showed that in Sierra Leone potential investors provided insight into the key strengths and weaknesses of each of the beneficiaries.
In terms of strengths, there has been a cost-competitive labour force, attractive natural resources, presence of land for agriculture, and agribusiness, according to the report. But weaknesses were recorded for infrastructure, high dependence on commodity prices, inadequate property rights, and difficulties for Small and Medium Enterprises to access credit.
On the types of services investors hope to see from SLIEPA in Sierra Leone, SLIEPA scored more than 50% in the provision of data and information on the country, set-up, registration and licences, support in sourcing land and sites, and support company with issues and expansion after investment.
Sierra Leone scored below 50% on financing and incentives, customer research, facilitation of local supply chain linkages, information on investment project opportunities, recruitment and human resources, visas and immigration, accounting and legal services, and site visits.
Speaking about the survey report, Minister of Trade and Industry, Dr. Edward Hinga Sandy, stated that it shows how the government was able to improve on investment planning. He said the perception itself looked at what people think about investment planning currently and what the investors in Sierra Leone are going through.
“I think the best story which we are going to get is the fact that those who are currently investing, speak very well and have a very strong perception of how very hard government is working in policy and legislative reforms that will enhance investment in this country,” the minister said.
Dr. Sandy later launched the SLIEPA website (sliepa.gov.sl) and highlighted its significance. The contents of the website include information on agribusiness, tourism, fisheries, energy, and financial services. SLIEPA is also on all major social media platforms.
Wavteq is one of the global leading providers of products and services to facilitate international investment, trade, and tourism and also help Investment Promotion Agencies (IPAs) to attract investors. Its services also include lead generation, data intelligence, software development, and apps.
The survey is meant to inform citizens and those intending to invest in Sierra Leone for them to evaluate where and why they should invest in various sectors, according to the Chief Executive Officer of SLIEPA, Sheku Lexmond Koroma.
Koroma told attendees at the launch of the report in Freetown that the survey was initiated by the African Development Bank in a bid to attract foreign investors and Sierra Leoneans living in the diaspora thereby strengthening the country’s relationship with other nations.
Speaking on the impact of the new SLIEPA website, Koroma said it informs investors where the opportunities are and knowing the significance of visiting Sierra Leone.
“Whenever you click on our website, we have what we call ‘Google analytics’ that inform us that you have been to our website and how many times people have visited. What makes this website very special is that it interprets almost every language in the world and translates the language of that country,” the SLIEPA boss assured.
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