HomeReportsBureau of Economic and Business Affairs2017 Investment Climate Statements...Liberia

# 					2017 Investment Climate Statements: Liberia			

 In this section										/

													Executive Summary											

                -  Executive Summary 
                -  1. Openness To, and Restrictions Upon, Foreign Investment   
                -  2. Bilateral Investment Agreements and Taxation Treaties   
                -  3. Legal Regime   
                -  4. Industrial Policies   
                -  5. Protection of Property Rights   
                -  6. Financial Sector   
                -  7. State-Owned Enterprises   
                -  8. Responsible Business Conduct   
                -  9. Corruption   
                -  10. Political and Security Environment   
                -  11. Labor Policies and Practices   
                -  12. OPIC and Other Investment Insurance Programs   
                -  13. Foreign Direct Investment and Foreign Portfolio Investment Statistics   
                -  14. Contact for More Information   

## Executive Summary

Located in West Africa, Liberia and has a population of nearly 4.5 million people. The economy is based on a free market system and the government encourages FDI. Liberia has a free-floating exchange regime with the Liberian and U.S. dollars as legal tenders. The World Bank reported Liberia’s gross domestic product (GDP) at $2.053 billion in 2015 (http://www.worldbank.org/en/country/liberia) with a per capita gross national income (GNI) of $380. In March 2017, the IMF estimated real GDP growth for 2016 at negative1.2 percent, with an inflation rate of 12.5 percent. The United States FDI in Liberia was $929 million in 2015 and Liberia’s FDI in the United States was $500 million (*See table below*). The Investment Act guarantees foreign investors the right to transfer profits out of Liberia. The law also protects foreign investments against expropriation, or unlawful seizure or nationalization. Although the government continues to improve the business environment by reducing the number of steps and time to start a business, the country lags in other important measures. According to the World Bank’s Doing Business Survey (2016), Liberia ranked 179 out of 189 countries. For concession agreements or long-term investment contracts, potential investors often engage in lengthy bidding and negotiation. The process of awarding contracts, concessions and public tenders is guided by the Investment Act, the Revenue Code, the Public Procurement and Concessions Act, and the National Competitive Bidding Regulations. A cabinet level Inter-Ministerial Concessions Committee (IMCC) chaired by the National Investment Commission (NIC) is responsible for negotiating concession agreements. Agreements must be ratified or approved by the legislature and signed by the president before they become law. There are a number of state-owned enterprises (SOEs) some of which perform regulatory functions for different sectors while others have become dysfunctional. The Public Financial Management Law outlines proper regulatory framework for the SOE sector to ensure it fosters the government’s development agenda.

While the government seeks to strengthen institutions and introduce business reforms to improve the investment climate, progress in ensuring an attractive business-friendly environment is hampered by weak regulatory environment, corruption, lack of transparency, poor physical infrastructure, and low private sector capacity. The process of negotiating and implementing concession agreements is flawed and some provisions of the laws intended to ensure transparency and accountability are inconsistently applied. Though Liberia has a limited domestic market, it offers investment opportunities across several sectors, particularly agriculture and forestry, fisheries, mining, telecommunications, services, manufacturing, warehousing and storage facilities. Sectors and industries that have historically attracted significant investment include iron ore, rubber, palm oil, timber, banking, and telecommunications. The United States, China, Europe, and other African countries are the main export destinations. Currently, the export sector relies heavily on rubber and iron ore, accounting for 64 percent of total exports in 2016.

The best prospects for U.S. investment in Liberia are agribusiness (processing and marketing of agriculture products), manufacturing (food processing, preservation, packaging and labelling), transportation (land, marine, and air transport), cold storage and warehousing facilities, energy (power generation, transmission and distribution), construction and real estate, services, and telecommunications. Key issues to be aware of include difficult and opaque procedures for obtaining clear title to property, lack of adequate legal protection, limited awareness of intellectual property rights, and poor physical infrastructure.

*Table 1*

							1. Openness To, and Restrictions Upon, Foreign Investment					

**Policies Towards Foreign Direct Investment**

The Government of Liberia looks positively toward both domestic and foreign investment to drive the economy. Liberia’s economy is based on a free enterprise system with both the U.S. and Liberian dollar being legal tender. Overall, the government continues to take steps to improve the business and investment climate, but still lags behind many countries in Sub-Sahara Africa.

Despite the government’s effort to improve the general business environment, there are sections in the Investment Act of 2010 that discriminate against foreign businesses by prohibiting, or limiting foreign investment, including potential U.S. investors, in certain sectors and industries. Although the law is intended to empower Liberian entrepreneurs, it restricts market access for some types of foreign investment.

The National Investment Commission (NIC) is an investment promotion agency that facilitates foreign investment, promotes investment policy reform, and is the chief negotiator for all concession agreements. The NIC collaborates with international partners including the International Finance Corporation (IFC) and Developing Markets Associates (DMA) to design policies, craft laws, and organize programs to attract foreign investment to Liberia and improve the investment climate. The Liberia Better Business Forum (LBBF), a public-private partnership, prioritizes investment attraction and retention by bringing together relevant government and private sector stakeholders to engage in constructive dialogue on identifying and resolving major constraints to private sector development.

**Limits on Foreign Control and Right to Private Ownership and Establishment**

Domestic private entities have the right to establish and own business enterprises and engage in all forms of remunerative activity. Under the Investment Act and Revenue Code, foreign investors have similar rights and are subject to similar duties and obligations as those that apply to domestic investors with several notable exceptions. The Investment Act imposes restrictions to foreign ownership of, or investment in sixteen (16) business activities/enterprises. It also sets a minimum foreign capital investment threshold in twelve (12) business activities/enterprises.

Ownership of the following business activities shall be reserved exclusively for Liberians:

- Supply of sand
- Block making
- Peddling
- Travel agencies
- Retail sale of rice and cement
- Ice cream, ice making and sale of ice
- Tire repair shops
- Auto repair shops with investment of less than $550,000
- Shoe repair shops
- Retail sale of timber and planks
- Operation of gas stations
- Video clubs
- Operation of taxis
- Importation or sale of second-hand or used clothing
- Distribution in Liberia of locally manufactured products
- Importation and sale of used cars (except authorized dealerships, which may deal in certified used vehicles of their make)

Foreign investors may invest in the following business activities provided they meet minimum capital investments thresholds:

- Production and supply of stone and granite
- Ice manufacturing
- Commercial printing
- Advertising agencies, graphics and commercial artists
- Cinemas
- Production of poultry and poultry products
- Operation of water purification or bottling plant (exclusively the production and sale of water in sachets)
- Entertainment centers not connected with a hotel establishment
- Sale of animal and poultry feed
- Operation of heavy-duty trucks
- Bakeries
- Sale of pharmaceuticals

The law stipulates that for enterprises owned exclusively by non-Liberians, the total capital invested shall not be less than $500,000. For enterprises owned in partnership with Liberians and the aggregate shareholding of the Liberians is at least 25 percent, the total capital invested shall not be less than $300,000. The government does not maintain investment screening (approval) mechanisms for inbound foreign investment.

Despite these restrictions, the Investment Act has not effectively increased Liberian participation in commercial industries. In order to further empower local SMEs, the government has vowed to strictly enforce its 25 percent local procurement rule by allocating at least 25 percent of all public procurement contracts to Liberian-owned businesses, of which at least 5 percent shall be allocated to women-owned SMEs. The act officially eliminated a mandate that foreign-owned companies must employ qualified Liberians at all levels. Most investment agreements dictate that foreign-owned companies employ a certain percentage of Liberians at all human resource levels, including upper management. In practice, this rule is rarely applied as foreign companies usually face difficulty in finding the right skills for high profile technical or managerial positions. Business registration regulations enable a foreign company to open a fully-owned subsidiary in the country. Certified documentation of proof of a holding company will be required along with other necessary documents during registration. While land ownership is restricted to Liberian citizens by the constitution of Liberia, the acquisition of public land by non-Liberian citizens is possible through a leasehold. Leases ordinarily run for 25 to 50 years, but exceptions are permitted under the law. The ownership, leasing, and use of land are governed by both statutory and customary laws, which are based on traditional practices.

**Other Investment Policy Reviews**

Neither the United Nations Conference on Trade and Development  (UNCTAD) nor the Organization for Economic Co-operation and Development (OECD) has conducted an investment policy review for Liberia in the past three years. However, Liberia joined the WTO as its 163rd member on July 14, 2016, after nearly ten years negotiating its accession terms with WTO members. See detail. https://www.wto.org/english/news_e/news16_e/acc_lbr_20jun16_e.htm 

**Business Facilitation**

All businesses are required to register and/or apply for authorization to conduct business or provide services within the Republic of Liberia. All business entities, both local and foreign, must register with the Liberia Business Registry (LBR). LBR has an online registration service through its website, http://www.lbr.gov.lr , which can be used by local and foreign companies. According to the World Bank’s Investing Across Borders (IAB), it takes eight (8) procedures and twenty-five (25) days to establish a foreign-owned limited liability company (LLC) in Liberia. This is faster than both the IAB regional average for sub-Saharan Africa and the IAB global average. A foreign company establishing a subsidiary must notarize the documents of the parent company abroad. That means if an entity is already registered in another country and wants to do business, provide service or take part in a bid in Liberia, it must apply to the LBR for an “Authority to do Business” in Liberia. A foreign company must obtain investment approval from the National Investment Commission (NIC) to benefit from investment incentives. See detailed information, http://iab.worldbank.org/Data/ExploreEconomies/liberia#starting-a-foreign-business . Certain business categories require a notarization by the government; foreign companies are advised to refer to the LBR for advice on registration processes. In general, the wait-time required to register a business with the LBR is between three to four working days.

**Outward Investment**

The NIC does not have a systematic and active mechanism or program to promote or incentivize outward investment. There is no known restriction or policy limiting domestic investors from investing abroad. See NIC’s website, http://investliberia.gov.lr/new/ 

							2. Bilateral Investment Agreements and Taxation Treaties					

Liberia has bilateral investment agreements (BITs) with the following countries: BLEU (Belgium-Luxembourg Economic Union), France, Germany, and Switzerland. It has international investment agreements (IIAs) with several countries including the Trade and Investment Framework Agreement (TIFA) (United States), Economic Community of West African States Treaty (ECOWAS) (West African states), African Union (African states), ECOWAS Energy Protocol (West African states), and ECOWAS Protocol on Movement of Persons and Establishment (West African states). Besides the TIFA with the United States, Liberia enjoys preferential access to the U.S. market under special access and duty reduction programs such as the Generalized System of Preference (GSP) and the African Growth and Opportunity Act (AGOA). Liberia is a signatory to several investment related instruments (IRIs) such as MIGA Convention, ICSID Convention, New York Convention, UN Code of Conduct on Transnational Corporations, UN Guiding Principles on Business and Human Rights, ILO Tripartite Declarations on Multinational Enterprises, World Bank Investment Guidelines, New International Economic Order UN Resolution, Voluntary Partnership Agreement with the EU, Economic Partnership Agreement with the EU, Charter of Economic Rights and Duties of States, and Permanent Sovereignty UN Resolution. Liberia does not have a bilateral taxation treaty with the United States.

							3. Legal Regime					

**Transparency of the Regulatory System**

The government continues to harmonize conflicting rules and regulations across ministries and agencies, and to carry out reforms in many sectors including mining, forestry, petroleum, trade and business, and electricity. The government has enacted the Competition Law, Foreign Trade Law and Intellectual Property (IP) Act in an effort to align Liberia’s existing laws, policies and regulations to promote a transparent and predictable business environment and to foster competition on a non-discriminatory basis. Generally, the legal and regulatory procedures in Liberia fall below international norms in terms of transparency and consistency. For example, there is no unified website where all proposed regulations and draft bills are published in order to make them available to the public. However, press releases, newspaper articles, radio talk-shows and handouts may be available, and public discussions are channeled through these media regarding proposed new laws/draft bills that have potentially significant impact. There is no centralized online location where key regulatory actions or their summaries are published. The only online repository to access Liberia’s legal information is the Liberia Legal Information Institute, http://www.liberlii.org/lr/legis/acts/ , developed by Liberia’s Ministry of Justice with assistance from the American Bar Association.

Significant investment, both foreign and domestic, exists in the Liberia, especially in the extractive sectors, and the government continues to streamline relevant legislation in line with its WTO obligations. However, Liberian ministries often have overlapping responsibilities which can result in inconsistent application of the law. Some officials can be arbitrary, or heavy-handed when resolving conflicting regulatory issues. Regulatory agencies include the Forestry Development Authority (FDA) to regulate issues arising in forestry sector. the Civil Aviation Authority (CAA) regulates aviation businesses, Liberia Telecommunications Authority (LTA) regulates all telecommunications activities, Liberia Maritime Authority (LMA) regulates to issues arising in the maritime sector, and the National Port Authority owns and regulates the country’s port infrastructures. Liberia Extractive Industry Transparency Initiative (LEITI) monitors, reconciles, and reports on payments made to the government by extractive companies.

Liberia’s Judicial Branch of government is vested in a Supreme Court and subordinate, magistrate and county courts, but has no courts of appeal. All appeals from county courts go directly to the Supreme Court, placing a tremendous burden on its panel of only five judges. The official legal system was originally based on Anglo-American Common Law, and although still referred to as a common law system, cannot be truly characterized as such. It is supposed to operate in parallel with local customary law based on unwritten, indigenous practices, culture, and traditions, but the delineation between formal and traditional law is unclear. These competing and disharmonized legal systems often lead to conflicts between Monrovia-based entities and communities outside of Monrovia, and within individual communities themselves. The judicial system suffers from inadequately trained and poorly compensated judicial officers, which can result in flawed proceedings. The Commercial Code of Liberia sets out provisions for sales, leases, financial leases, mortgages, secured transactions, and commercial arbitration. The code is backed by the Commercial Court, consisting of a panel of judges, which was established to resolve issues arising from commercial transactions and contractual relationships. In theory, the court presides over all financial, contractual, and commercial disputes, serving as an additional avenue to expedite commercial and contractual cases. However, weak capacity and the lack of a regulatory framework limit Commercial Court effectiveness. The present Commercial Court does not have a mandate to hear intellectual property claims. There is a commission that hears claims of unfair labor practices.

**International Regulatory Considerations**

Liberia is a member of two regional economic blocks, the Mano River Union (MRU) and ECOWAS. The government continues to abide by and align its economic and commercial relationships with those of its regional counterparts. It is informed by and harmonizes its customs and tariff systems with the ECOWAS External Tariff (CET). Judgments of foreign courts are recognized and enforceable under the courts, and foreign investment disputes are handled under the same legal jurisdictions. The government completed Liberia’s membership to the WTO in July 2016 after nearly ten years negotiating its accession terms with WTO members. The government has committed to the terms and conditions of Liberia’s membership including arrangements on Technical Barriers to Trade (TBT) and sanitary and photo sanitary (SPS) measures. The government expects to use these commitments build up crucial trade infrastructure based on international standards to encourage fair competition in line with the WTO standards.

**Legal System and Judicial Independence**

The Liberian Constitution provides for the separation of powers whereby the judicial system remains independent of the executive branch. However, the general weakness of the overall judiciary presents a mixed picture that suggests the current judicial process is not always procedurally competent, fair, or reliable. Liberia has a commercial code which backs the commercial court in deciding on issues arising from commercial and contractual arrangements. Under the constitution, Liberia has three independent but coordinated branches of government. However, there have been some reports of the executive branch exercising undue influence within the judicial system. Critical challenges to ensuring a competent, fair and reliable judicial system in Liberia include opaque and inconsistent laws, poor administration of laws and regulations, political interferences and lack of competency of court officers and judges and instances of corruption.

**Laws and Regulations on Foreign Direct Investment**

Liberia’s Investment Act protects the right of investors to settle disputes either through the judicial system or through alternative dispute resolution (ADR) mechanisms. Private entities entering into investment contracts with the government frequently include arbitration clauses specifying dispute settlement outside of Liberia. The Investment Act states that, “where a dispute arises between an investor and the Government in respect of an enterprise, all efforts shall be made through mutual discussion to reach an amicable settlement.” To obtain a new concession agreement or long-term investment contract, potential investors have to engage in lengthy bidding and negotiation processes. In addition to the Investment Act and Revenue Code of 2000, the Public Procurement and Concessions Act of 2005 and the National Competitive Bidding Regulations, theoretically provide a clear, standardized, and transparent system for awarding concessions and public tenders. However, requests for Expressions of Interest (EOI), International Competitive Bids (ICB), and Invitations to Bid (ITB) are often poorly advertised, which hampers the process from the onset. An Inter-Ministerial Concession Committee (IMCC) chaired by the National Investment Commission (NIC) includes representatives from the ministries of Justice and Finance and Development Planning. The IMCC is statutorily responsible to handle bids, evaluate, award, and finalize concession agreements for the government. The President of Liberia sends the IMCC-awarded concessions to the national legislature for ratification. Concession agreements become laws after having been ratified by the legislature, signed by the president, and printed into handbills by the Ministry of Foreign Affairs (MFA). Depending on contract clauses and stipulations, a re-negotiation and subsequent round of ratification may be necessary in the case of ownership transfers.

There is no primary “one-stop-shop” website for investment that provides relevant laws, rules procedures and reporting requirements for investors. However, the National Investment Commission (NIC) can provide sector-specific investment counselling and/or advisory services at investors requests. The following list of websites may help foreign investors to navigate the information, laws, rules, procedures, and reporting requirements:

- http://www.ppcc.gov.lr/  : Public Procurement & Concessions Commission (PPCC) prepares, monitors, and guides public procurement policies, procedures, and guidelines for awarding concessions;
- https://lra.gov.lr/  : Liberia Revenue Authority (LRA) collects all lawful revenues due the government, and is the custodian of the 2000 Revenue Code;
- http://www.investliberia.gov.lr/  : National Investment Commission (NIC is the investment promotion agency of the government, and chief negotiator of all concession agreements;
- http://www.mfdp.gov.lr/  : Ministry of Finance & Development Planning (MFDP) is responsible for the country’s fiscal policies, and is the custodian of the Public Financial Management Act of 2009; and  http://www.moci.gov.lr/  : Ministry of Commerce and Industry (MOCI) designs policies, programs for and advises the government on development and promotion of trade, commerce and industry.

**Competition and Anti-Trust Laws**

In 2016, the Liberian senate passed a Competition Law that complies with the WTO requirements to encourage a free market economy by promoting fair competition, but there are no existing Anti-Trust Laws.

**Expropriation and Compensation**

The Investment Act guarantees against expropriation and specifies cases under which the government can legally expropriate a property. The Act protects foreign enterprises against expropriation or nationalization by government “unless the expropriation is in the national interest for a public purpose, is the least burdensome available means to satisfy that overriding public purpose, and is made on a non-discriminatory basis in accordance with due process of law.” The U.S. Embassy is aware of an expropriation case in which the claimant was compensated following years of legal proceeding and negotiations. The compensation amount was in a freely transferrable currency, but did not represent a fair market value at the time of the expropriation. In recent years there have not been any government actions or shifts in policy that would indicate possible expropriations in the foreseeable future. Currently, there are no high risk sectors in the economy that are prone to expropriation actions; and there is no indirect expropriation, such as confiscatory tax regimes or regulatory actions that deprive investors of substantial economic benefits from their investments.

Historically, the government favors signing non-exclusive concession agreements with major investors. This practice allows the government to sign overlapping concession agreements for different resources. For example, the government may sign an agricultural concession agreement, but also allows itself flexibility to sign a mineral and/or timber concession in the same area. As multinational investors develop concession areas, some foreign businesses buy risk insurance to mitigate against the possibility of operational disruption caused by land expropriation. Liberia is a signatory to the Multilateral Investment Guarantee Agency (MIGA) Convention that guarantees the protection of foreign investments.

**Dispute Settlement**

*ICSID Convention and New York Convention*

Liberia is a member of the ICSID, and the New York Arbitration Convention. The Investment Act of Liberia provides that, “the courts of Liberia shall have jurisdiction over the resolution of business disputes, parties to an investment disputes may however specify any arbitration or other dispute resolution procedure upon which they may agree.”

See list of members of the ICSID convention at: https://icsid.worldbank.org/ICSID/FrontServlet?requestType=ICSIDDocRH&actionVal=Contractingstates&ReqFrom=Main) .

See list of members of the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards at: http://www.newyorkconvention.org/contracting-states/list-of-contracting-states. 

Liberia’s Commercial Code (2010) is the specific domestic legislation providing for enforcement of awards under the 1958 New York Convention and/or under the ICSID Convention.

*Investor-State Dispute Settlement*

Liberia is a member of the International Center for Settlement of Investment Disputes (ICSID) and a signatory to the MIGA Convention that guarantees the protection of foreign investments. Liberia’s Civil Procedure Law governs both domestic and international arbitrations taking place in Liberia, but there is no specific statue governing arbitration. It may take several years to enforce both foreign and domestic arbitration awards, from filing an application to the court of first instance to obtaining a writ of execution, with provision for an appeal. Administering investment disputes or commercial arbitration as well as enforcement proceedings are undertaken in the Commercial Court and Civil Law Court with appeal directly to the Supreme Court. Liberia does not have a Bilateral Investment Treaty (BIT) or Free Trade Agreement (FTA) with an investment chapter with the United States. The U.S. Embassy is aware of an expropriation case involving an American company in which the company was compensated through an out of court settlement following years of negotiations and legal proceedings. The failure of the lower court to enforce the Supreme Court’s ruling contributed to the delay in settling this case. There is no recent history of extrajudicial action against foreign investors in Liberia. As a member of the ICSID and the New York Arbitration Convention, Liberian courts are bound to recognize and enforce foreign arbitral awards issued against the government.

*International Commercial Arbitration and Foreign Courts*

The Investment Act of 2010 protects the right of investors to settle disputes either through the judicial system or through alternative dispute resolution (ADR) mechanisms. Concerning dispute settlement procedures, parties to an investment dispute may specify any arbitration, or other dispute resolution procedure upon which they agree. The Investment Act states that, “where a dispute arises between an investor and Government in respect of an enterprise, all efforts shall be made through mutual discussion to reach an amicable settlement.” Private entities entering into investment contracts with the government frequently include arbitration clauses specifying dispute settlement outside of Liberia. The Liberian Constitution provides for separation of powers where the judicial system remains independent of the executive branch. However, the general weakness of the overall judiciary suggests that the current judicial process is not always procedurally competent, fair, and reliable. Judgments of foreign courts are recognized and enforceable under the courts, and problems with foreign investments are handled under the same legal jurisdictions.

**Bankruptcy Regulations**

Liberia does not have a bankruptcy law in place and there is no specialized court to protect the rights of creditors, equity holders, and holders of other financial contracts except the Commercial Court, which is limited in handling such specialized instruments.

							4. Industrial Policies					

**Investment Incentives**

There are different forms of investment incentives available for both foreign and domestic investors. According to the code, investment incentives are available for the following sectors:

- Tourism carried out through tourist resorts, hotels and cultural sites
- Manufacturing with at least 60 percent local raw material content
- Energy
- Hospitals and medical clinics
- Housing
- Transportation
- Information technology
- Banking
- Horticulture and poultry
- Exportation of sea products
- Agricultural, particularly food crop cultivation and processing including cocoa and coffee
- Small and medium scale rubber and oil palm cultivation and processing

The investment incentives specified for these sectors include tax deductions with respect to equipment, machinery, and cost of buildings and fixtures used in manufacturing as well as import duty and GST exemptions. Tax incentives are subject to legislative approval as stated in the Revenue Code: “for investments exceeding $10 million and subject to approval by the President and the Legislature, the tax incentives permitted by this section may be allowed for a period of up to fifteen (15) years; no tax incentive under this subsection shall be valid or enforceable without legislative approval.” The law also allows exemptions from import duty up to 100 percent of their dutiable value for capital assets and other goods to be used in the project. The Ministry of Finance and Development Planning (MFDP) can grant additional incentives based on the capital invested, economic zones or geographic areas, as well as the employment creation potential that could promote economic growth. Different categories of investment incentives can be found on the NIC’s website:

http://investliberia.gov.lr/new/page_info.php?&7d5f44532cbfc489b8db9e12e44eb820=Mzk3 

Note: Information on specific terms and conditions as relate to accessing investment incentives can be obtained from the following agencies:

National Investment Commission, http://www.investliberia.gov.lr/ 

Liberia Revenue Authority, https://lra.gov.lr/ 

Ministry of Finance & Development Planning, http://www.mfdp.gov.lr/ 

National Bureau of Concessions, http://www.nbcliberia.org/ 

**Foreign Trade Zones/Free Ports/Trade Facilitation**

Currently, there are no functional free trade zones or special economic zones in Liberia.

The government established the Liberia Industrial Free Zone Authority (LIFZA) in 1975 to encourage and promote foreign cooperation and investments. The LIFZA, being dormant and non-functional over long period of time, was one of the State Owned Enterprises (SOEs) the government later dissolved. The NIC in collaboration with the International Finance Corporation (IFC) has drafted a Special Economic Zone (SEZ) Law to amend and replace the LIFZA Act. Although the cabinet has endorsed the draft act, it has not yet been passed into law by the legislature. The draft act combines the LIFZA and the Monrovia Industrial Park (MIP) and sets aside exclusive areas for industrial production and processing for domestic and export markets. According to Liberia’s investment policy, industries established within a free trade zone area are entitled to waive import duties and corporate taxes in order to promote the export sector. The NIC manages the free trade zone and it plans to redevelop this track of land into a functioning industrial area. The Ministry of Commerce and Industry (MOCI) collaborates with the NIC to promote the export sector through the National Export Strategy which focuses on processing, packaging and export of oil palm, rubber, cocoa, and fish products.

**Performance and Data Localization Requirements**

The Investment Act officially eliminates a mandate that foreign companies must employ qualified Liberians at all levels. However, the new labor law or “Decent Work Act” states that, “the Ministry shall not issue a permit to work in Liberia unless it is satisfied that: i) there is no suitably qualified Liberian available to carry out the work required by the employer; and ii) the applicant satisfies the requirements for foreign residence in Liberia.” This stipulation gives preference to employing Liberian citizens and many investment contracts or concession agreements require foreign companies to employ a certain percentage of Liberian citizens in senior management positions. In practice, foreign investors usually face difficulty in finding the right skills for certain high profile technical or managerial positions.

There are no excessively onerous visa, residence, work permit or similar requirements that inhibit mobility of foreign investors and their employees. Liberia immigration law requires that all non-Liberian citizens entering the country must hold an entry visa except for ECOWAS citizens who require valid passports or laissez-passers. Upon arrival at the airport foreign visitors are issued a 30-day ‘Temporary Stay’ stamp (permit). If they plan to stay longer, visitors must report to the Bureau of Immigration and Naturalization (BIN) before the 30 days expire, in which case they will be issued a 60-day “Temporary Stay” pass. Where a visitor intends to stay for a period in excess of 60 days, he/she must apply for a resident permit. Should the visitor intend to work or engage in business while in Liberia, he/she must apply for a Work Permit from Ministry of Labor after receiving a residence permit, which is a pre-condition for obtaining a work permit. The government requires the residence/work permits to be renewed annually and charges a fee for renewal. There are no government-imposed conditions that hinder ability to invest in Liberia. The National Investment Commission (NIC) has a ‘local content’ policy, a requirement included in certain major investment contracts to a certain percent of domestic content, goods or raw materials. Information can be obtained from the NIC, http://www.investliberia.gov.lr/ . Details on specific performance requirements can be obtained from the NIC http://investliberia.gov.lr/new/index.php . Generally, enforcement procedures for performance requirements are weak.

The National Bureau of Concessions (NBC) is mandated to monitor and evaluate foreign companies’ compliance with concession agreements, but the entity lacks the necessary technical and financial capacity to fully monitor and enforce compliance. There are no legal requirements for foreign IT providers to turn over source code and/or provide access to encryption. There are no mechanisms that prevent or unduly impede companies from freely transmitting customer or other business-related data outside Liberia, and there are no local data storage requirements for foreign companies operating in Liberia.

							5. Protection of Property Rights					

**Real Property**

Property rights and interests are enforced but the enforcement mechanisms are usually weak. Mortgage and liens do not exist. Land ownership in Liberia is restricted to Liberian citizens. Acquisition of land by foreign and/or non-resident investors is possible through leasehold. Leases ordinarily run for 25-50 years, but exceptions are permitted under the law. The ownership, leasing, and use of land are governed by both statutory and customary laws. Chapter III, Article 22, of the Liberian Constitution states: “Every person shall have the right to own property alone as well as in association with others, provided that only Liberian citizens shall have the right to own real property within the Republic. Private property rights, however, shall not extend to any mineral resources on or beneath any land or to any lands under the seas and waterways of the Republic.” Rights to land ownership and use of resources such as minerals and timber have become increasingly critical issues in recent years, fueled by increased foreign investor interest and clashes between traditional and statutory land uses. Liberia scored 33.62 /100 in registering property, according to the World Bank’s 2017 Doing Business survey, http://documents.worldbank.org/curated/en/864341478596979778/Doing-business-2017-equal-opportunity-for-all-Liberia .

A significant proportion of land is without clear title and the government has placed a moratorium on public land sales to resolve conflicting land tenure systems and allow for new land laws, regulations, and procedures to be formulated. In September 2016, the Liberian legislature passed into law the Land Authority Act intended to set up an autonomous agency solely devoted to land matters. The agency will act as one-stop-shop for all land issues overseeing programs in land governance, land administration, land management, and land policy and planning. It will guide and implement the government’s land policy which categorizes land into Public Land, Government Land, Customary Land, and Private Land. The Center for National Documents and Records Agency (CNDRA), which manages land titles and deeds registry system, continues to enhance its capacity to digitize and archive public records. The agency populated a land cadaster for proper recording and mapping of land title deeds. However, concessions-related land challenges still remain unresolved. As firms commence operations, local communities fear their lands are being encroached upon, which can lead to disputes, strikes, and sometimes violence. In the interest of minimizing lost productivity and in the absence of government adjudication, companies often make additional community-level payments or agreements to resolve competing land claims. The future enforceability of such agreements is unclear. Prospective investors should not underestimate the potential for costly and complex land dispute issues to arise even after concluding their agreements with the government.

**Intellectual Property Rights**

Intellectual property laws in Liberia cover such areas as domain names, traditional knowledge, transfer of technology, and patents/copyrights, etc. The Liberia Intellectual Property Act of 2014 was passed into law and approved in June 2016, providing the legal and administrative framework for the protection of copyrights and industrial property rights. The Act calls for the establishment of Liberia Intellectual Property Office (LIPO), a corporate semi-autonomous agency functioning under the oversight of the Minister of Commerce and Industry (MOCI). LIPO will comprise of two departments, one dealing exclusively with copyrights and the other with industrial property rights issues. The legal environment for IP protections in Liberia is weak, the level of IP law enforcement is poor, and the infringement on rights is common. Although the MOCI exercises oversight on IP issues, it does not have an effective system in place to track and report on seizures of counterfeit goods. Holders of IP rights have theoretical access to judicial redress, but laws pertaining to patents, trademarks, and industrial designs are not enforced. The majority of Liberians are ignorant about IP rights and there is a general lack of knowledge about what constitutes an IP infringement. Infringement of intellectual and industrial property rights is prevalent, including unauthorized duplication of movies, music, and books. Counterfeit drugs, apparel, cosmetics, mobile phones, computer software, and hardware are sold openly. With responsive legal environment and effective enforcement mechanisms, the new IP Act is expected to improve the protections of IP rights in Liberia.

Liberia is not listed in USTR’s Special 301 report (See 2016 listings on State’s Intranet website at http://eb.e.state.sbu/sites/cba/IPE/Pages/Special301summary.aspx). Liberia is also not listed in the notorious market report (See 2016 listings at: https://ustr.gov/sites/default/files/2016-Out-of-Cycle-Review-Notorious-Markets.pdf) .

For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/ .”

For questions concerning completion of this section or anything related to IP, please email EEB-A-IPE-DL@state.gov

							6. Financial Sector					

**Capital Markets and Portfolio Investment**

The government does not have foreign portfolio investment abroad and there are no domestic capital market or portfolio investment options, such as a stock market, in the country. Therefore, private sector investors have limited credit and investment options. The Central Bank of Liberia (CBL) has begun to issue Treasury bills (T-bills) in an effort to develop a capital market. Foreign investors can participate in the T-bill auctions which are often over-subscribed. The monthly T-bill auction has a three-month maturity term. The CBL has successfully operationalized aspects of the Scriptless Securities Settlement System (DEPO/X) in combination with efforts to create a secondary market that would lead to a more vibrant financial market. The DEPO/X system is a well-organized electronic platform that supports the conduct of the FX Auction and processing of government securities. The CBL respects IMF Article VIII by refraining from implementing restrictions on payments and transfers for current international transactions.

**Money and Banking System**

The banking sector continued to show growth in key indicators in 2016. There are nine commercial banks, eight of which are foreign banks. Foreign banks or branches can establish operations in Liberia, and are subject to prudential measures or other regulations required by the Central Bank of Liberia (CBL). Total bank assets rose by over 5 percent, and capital and deposits grew by 21 percent and nearly 4 percent respectively. The total assets of the country’s largest commercial bank (in term of customer size) are approximately $23.55 million (Ecobank Liberia, 2016). Generally, the financial system remains strong and resilient despite slow growth in the domestic economy. According to the CBL report (2016), the banking system continues to be well capitalized and liquidity remains strong. However, high levels of non-performing loans remain a concern. Liquidity for the sector remained strong during the year with a liquidity ratio of 36.8 percent, which is well above the 15 percent minimum requirement. Overall, the financial system has grown stronger and remains resilient, despite the legacy of the negative impact of the Ebola crisis and external shocks from the fall in international commodity prices.

Non-performing loans and poor asset quality, which depress profitability, remain major challenges in the banking sector. The ratio of non-performing loans (NPLs) to total loans stands at 11.8 percent in 2016, which is 6.2 percentage points below the 18 percent level of 2015.

The CBL in collaboration with the Liberia Bankers Association and commercial banks has embarked on strict measures to address this situation. While financial institutions allocate credit on market terms to foreign and domestic investors, the historically high rate of NPLs has led banks to offer short-term (less than 18 months), high-interest rate loans (12-20 percent). This constrains capital investment and limits new business development.

There is no effective credit rating system and many firms lack business records or bankable proposals necessary for credit approval. Banks rely on the CBL’s Credit Reference System, a manually updated spreadsheet which is being automated. It contains credit history and/or any derogatory information about certain creditors. There are no clear or definitive rules on hostile take-overs. Foreign banks or branches are allowed to establish operations in Liberia, and are subject to prudential measures or other regulations set out by the CBL. The obstacles to domestic travel including poor roads, lack of affordable electricity, and unreliable communication links increase the risk in accepting collateral outside Monrovia. The unreliable land title system also hampers access to credit in general.

**Foreign Exchange and Remittances**

*Foreign Exchange*

There are no restrictions or limitations placed on foreign investors in converting, transferring, or repatriating funds associated with an investment (e.g. remittances of investment capital, earnings, loans, lease payment, or royalties). Liberian law allows for the transfer of dividends and net profits after tax to investors’ home countries. The Investment Act allows unrestricted transfer of capital, profits, and dividends “through any authorized dealer bank in a freely convertible currency.” Therefore, funds associated with any form of investment can be freely converted into any world currency. The Central Bank of Liberia (CBL)’s regulation concerning transfers of foreign currency stipulates that every business house, entity, or individual wishing to make a foreign transfer of funds may do so without limitation of amount to be transferred. However, the amount to be transferred must have been in an entity’s bank account for no less than three banking days prior to the transfer. Though conversion restrictions do not exist, the CBL currency auctions are often oversubscribed, and it may take investors more than a week to exchange large sums of money.

Liberia has a floating exchange rate system with both Liberian dollars (LRD), known as “Liberty” notes, and the U.S. dollars (USD) being legal tenders. The exchange rate is determined by market supply and demand. The CBL regularly intervenes in the foreign exchange market through weekly foreign exchange auctions and monthly government T-bill auctions in order to stabilize the exchange rate, facilitate imports, maintain a low inflation rate, and spur economic growth. Large-scale business and government transactions are conducted in USD, while retail or day-to-day routine transactions are conducted largely in LRD. Contracts and tax agreements are typically specified in USD, and about 85 percent of taxes are paid in USD. The USD can be freely exchanged for LRD in commercial banks, licensed foreign exchange bureaus, petrol stations, and large supermarkets. It is advisable for foreign investors to conduct foreign exchange operations with commercial banks or established licensed forex bureaus.

*Remittance Policies*

There are no recent changes or plans to change Liberia’s investment remittance policies to affect access to foreign exchange. Generally, there are no legal time limitations on remittances, or on the inflows or outflows of funds for remittances of profits or revenue. Due to the limited number of correspondent banking relationships, bank fees related to currency exchange and wire transfers can be high. In general, corporations can remit as much as one million USD through commercial banks. Transferring banks are required to file normal cash transaction reports with the CBL. Depending on the amount to remit and the bank(s), the wait-period to remit each type of investment returns range from a few hours to three business days. However, individuals without a bank account are limited to two over-the-counter transfers of up to $5,000 within a 30-day period. The CBL instituted thresholds for suspicious transactions for which banks must exercise customer due diligence and know your customer rules. The thresholds are $25,000 and above for individuals, and $40,000 and above for corporations. Liberia does not engage in currency manipulation tactics.

**Sovereign Wealth Funds**

The government does not maintain a Sovereign Wealth Fund (SWF) or other similar entity.

							7. State-Owned Enterprises					

Liberia has nearly 20 state owned enterprises (SOE’s) most of which are government-owned (wholly-owned), with a work force of more than 10,000 people. The SOE’s operate in several sectors including port services, airport and civil aviation, electricity supply, oil and gas, water and sewage, agriculture and forestry, maritime, petroleum importation and storage and information/communications services. The SOE’s are not independent as their boards are governed by government ministries with board members appointed by the president. The SOE sector remains a key part of Liberia’s economic development agenda and is guided by the Public Financial Management (PFM) Law of 2009 which sets out rules governing SOE management and operations. While some SOEs are functional and contribute to the national budget, others exist statutorily and have remained non-functional over the years. There is no published list of SOEs and no website with a link to all the SOE’s.

**Privatization Program**

There are no established programs or policies for privatization, though the government has commissioned a review of the SOE’s to determine their viability and functional relevance with an eye towards possible privatization in the future. While the study validates many SOE’s, it finds that a number of them have become dysfunctional and a waste of resources to the government. Beginning in 2016 the government announced its intention to entirely outsource, and therefore privatize, its public pre-primary and primary schools to private actors, through a public private partnership (PPP) arrangement. The government is currently developing a harmonized public private partnership policy.

							8. Responsible Business Conduct					

Generally, the government expects foreign investors to offer social services to the local communities in which they operate. Concession contracts dictate service provisions including, but not limited to, road and infrastructure development, school construction, and provision of health services. Even after a concession has been ratified by the legislature, most investors find that communities expect them to negotiate separately with local communities for additional social services. This process can be cumbersome, lead to delays and confusion, and greatly increases operational costs.

There is not a general awareness of standards for responsible business conduct (RBC) in the country. Local communities where foreign companies operate do not fully understand the roles of the investors versus those of the government in terms of environmental, social, and governance issues. The government includes in concession agreements clauses that oblige investors to provide social services such as educational facilities, health care, and other essential amenities. The authorities do not clearly define RBC, and there are no policies or ‘national action plan’ to promote or encourage RBC. The government does not factor RBC policies or practices into its procurement decisions. There have not been any high-profile, controversial instances of corporate impact on human rights during the review period. The government does not effectively and fairly enforce domestic laws in relation to human rights, labor rights, consumer protection, and environmental protections intended to protect individuals from adverse business impacts. This is due to a number of systemic factors, including a weak judicial system, limited human and institutional capacities, logistical constraints facing the enforcement agencies, and a general lack of awareness on the part of the officials. Foreign companies are not required, but are encouraged to make a public disclosure of their policies, procedures, or practices to highlight their RBC environment. There are certain non-governmental organizations (NGOs), civil society organizations (CSOs), workers’ organizations/unions that promote or monitor RBC of foreign companies in certain sectors. However, the NGOs and CSOs that are monitoring or advocating the RBC-related works do not conduct their activities in structured and coordinated manners. The government does not maintain a National Contact Point (NCP) for OECD multinational enterprises guidelines. It actively participates in the Extractive Industries Transparency Initiative (EITI) and the Liberia Extractive Industries Transparency Initiative (LEITI) circulates a set of domestic transparency measures requiring the disclosure of payments made to the government by the extractive companies. LEITI has expanded the scope of its reporting over the years by adding agriculture sector, contract transparency and project-by-project reporting. The National Bureau of Concessions (NBC) was established to ensure that concessionaires assure integrity and compliance through monitoring and evaluation.

							9. Corruption					

There are criminal penalties in the Penal Code for economic sabotage, mismanagement of public funds and bribery. The Code of Conduct Law prescribes guidelines for public officials and civil servants against corrupt practices. However, the Code of Conduct does not provide explicit criminal penalties for official corruption and does not extend to family members of officials, or to their political parties. There are laws, regulations and institutions to counter public sector corruption including conflict-of-interest in awarding government procurement contracts. Anti-corruption entities include the Liberia Anti-Corruption Commission (LACC), General Auditing Commission (GAC), Public Procurement and Concession Commission (PPCC), and Internal Audit Agency (IAA). However, general weakness in the judicial system hinders effective implementation of these laws and regulations. Corruption is both a real and perceived problem in Liberia’s public and private sectors. The government does not have a system or program that encourages or requires private companies to establish internal codes of conduct that, among other things, prohibit bribery of public officials. The Transparency International (TI) Corruption Perception (2016) ranks Liberia 90 out of 176 countries surveyed with a score of 37. Although the government continues to institute measures, programs and strategies to strengthen anti-graft institutions and laws, corruption remains endemic in the Liberian social fabric. In terms of international commitments, Liberia participates in the Extractive Industry Transparency Initiative (EITI) and is a signatory to the ECOWAS Protocol on the Fight against Corruption, the African Union Convention on Preventing and Combating Corruption (AUCPCC), and the UN Convention against Corruption (UNCAC).

In spite of a number of USG and other donor-funded assistance projects, lack of training, inadequate salaries, and a culture of impunity have undermined the judicial and regulatory systems, which in turn has discouraged investment. The USG seeks to level the global playing field for U.S. businesses by encouraging other countries to take steps to criminalize their own companies’ acts of corruption, including bribery of foreign public officials, by requiring them to uphold their obligations under relevant international conventions. If a U.S. firm believes a competitor is seeking to bribe a foreign public official to secure a contract, this information should come to the attention of appropriate U.S. agencies. U.S. firms and a number of foreign investors have identified corruption as a potential obstacle to new investment. Foreign investors generally report that corruption is most pervasive in government procurements, award of contracts or concessions, customs and taxation system, regulatory system, performance requirements, and government payments systems. Multinational firms often report having to pay fees to agencies that were not stipulated in investment agreements. When new concessions are signed and ratified, the press frequently report on corruption allegations implicating both the legislative and the executive branches. The government does not provide NGO’s involved in investigating corruption cases any special protection.

*Resources to Report Corruption*

Contacts at government agencies responsible for combating corruption:

Cllr. James Verdier, ChairpersonLiberia Anti-Corruption Commission (LACC), http://www.lacc.gov.lr/public/index.php/about-lacc Monrovia, LiberiaTelephone Number: +231(0) 886-627754Email: jnverdierjr@lacc.gov.lr

Yusador Gaye, Auditor GeneralGeneral Auditing Commission (GAC), http://gacliberia.com/index.php Monrovia, LiberiaTelephone Number: +231(0) 777-497524Email: usadorgay@yahoo.com

Contacts at “watchdog” local organization operating in Liberia:

Anderson Miamen, Executive DirectorCenter for Transparency and Accountability in Liberia (CENTAL), http://www.tiliberia.org/ Monrovia, LiberiaEmail: admiamen@cental.org

							10. Political and Security Environment					

In the past politically motivated violence and civil disturbances have occurred in Liberia. As the country heads towards presidential elections in October 2017, political tensions could increase. Although there is a potential for sporadic and isolated political violence, there has not been major damage to projects and/or installations due to political violence in the past 14 years. Increasing freedom of speech for Liberians, as well as the free media landscape in the country, has led to vigorous pursuit of perceived rights, which results in active, often acrimonious political debates. The government has identified land disputes and high rates of youth and urban unemployment as potential threats to security, peace and political stability.

The Liberia National Police (LNP), the Armed Forces of Liberia (AFL), and other special security groups and agencies such as Special Security Service (SSS), the Executive Protection Service (EPS), Drug Enforcement Agency (DEA), and National Security Agency (NSA) are responsible for Liberia’s security. The U.S. government (USG) and other international donors have assisted in training the LNP, AFL, and DEA to be effective in responding to emergencies. The EPS provides protection for the president and key public officials. When the United Nations Mission in Liberia (UNMIL) turned over the security responsibilities to the government in June 2016, some Liberians expressed concern about the timing of the drawdown prior to the 2017 elections. In December 2016, the UN Security Council passed a resolution extending UNMIL’s mandate up to March 30, 2018 noting potential security challenges ahead of the October 2017 elections.

							11. Labor Policies and Practices					

The Liberian labor force is predominantly illiterate and unskilled and most Liberians, particularly those in the rural areas, lack basic vocational or computer skills. According to UNESCO’s 2015 statistics (http://www.uis.unesco.org/Education/Documents/literacy-statistics-trends-1985-2015.pdf ), the adult literacy rate for Liberia stands at 47.7 percent and the youth (15-24) literacy rate is 54.4 percent. Liberia does not have a reliable database on labor market information to update such indicators as employment and unemployment. There are migrant workers throughout Liberia, particularly in the services and mining sectors. The most recent Labor Force Survey (2010) indicates higher rates of non-secure employment (86 percent) in the agriculture sector, which is highly informal. The Ministry of Labor (MOL) reports the overall unemployment rate in the formal sector is 25-30 percent, largely due to weak capacity of the private sector. The manufacturing sector is relatively weak due to high production costs caused by poor infrastructure, lack of affordable electricity, and limited financing. Additionally, Liberia’s domestic market is too small to support high volume (cost effective) production. Unemployment is particularly high among the youth in Liberia, and young women have a harder time finding employment than young men. According to the International Labor Organization (ILO), more than one-quarter (28 percent) of the youth population and one-third (35 percent) of the youth labor force is unemployed.

There is an acute shortage of specialized labor skills, particularly in medicine, ITC, science, technology, engineering, and mathematics. The labor law gives preference to employing Liberian citizens and many investment contracts require businesses to employ a certain percentage of Liberians, including in top management positions. Finding a pool of qualified skilled labor remains a problem, and foreign companies often report the difficulty of finding skilled labor as their biggest operational hindrance. Child labor remains a problem particularly in the agriculture and mining sectors.

Under the new labor law entitled the “Decent Work Act,” employees enjoy freedom of association and have the right to establish and become members of organizations of their own choosing without prior authorization (except public servants and employees of state-owned enterprises). In the formal labor market, the government generally enforces applicable laws, and workers exercise their rights. The law allows workers’ unions to conduct their activities without interference by employers. It also prohibits employers from discriminating against employees because of their membership in a labor organization. Unions are independent from the government and political parties. Employee association members frequently demand and strike for compensation at times of ownership transition or seek payment of obligations owed by previous employers. The labor law provides that labor organizations and associations have the right to draw up their constitutions and rules with regard to electing their representatives, organizing their activities, and formulating their programs. The laws specify that no industrial labor union or organization shall exercise any privilege or function for agricultural workers and no agricultural labor union or organization shall exercise any privilege or function for industrial workers (nor can agricultural workers join industrial workers’ unions).

Over the years, agricultural labor unions have been relatively active in negotiating collective bargaining agreements (CBA) intended to improve the social and economic conditions of their members. Although issues of wages remained critical in negotiating CBAs, labor unions have begun shifting attention to other socio-economic issues, such as better housing, health, and education facilities. The law prohibits unions from engaging in partisan political activity. Workers, except civil servants, have the right to strike, provided that the Ministry of Labor is notified of the intent to strike. While the law prohibits anti-union discrimination and provides for the reinstatement of workers dismissed because of union activities, it allows for dismissal without cause provided the company pays statutory severance packages.

The law sets out fundamental work rights and contains provisions on employment and termination of employment, minimum conditions of work, occupational safety and health, workers’ compensation, industrial relations, and employment agencies. The law also provides for periodic reviews of the labor market as well as adjustments in wages as the labor conditions detect. The MOL does not have an adequate labor inspection system to identify and remediate labor violations and hold violators accountable. It lacks the capacity to effectively investigate and prosecute unfair labor practices, such as harassment and/or dismissal of union members or instances of forced and/or child labor.

							12. OPIC and Other Investment Insurance Programs					

There is an Overseas Private Investment Corporation (OPIC) agreement between Liberia and the U.S. to provide coverage for expropriation and political risk insurance for U.S. investors. Eligible American businesses, investors, lenders, contractors, and exporters can seek OPIC support to take advantage of commercially attractive opportunities in the country. Since 2008, OPIC has been supporting a number of projects that have contributed to job employment creation and economic development in Liberia. In 2016, OPIC signed a commitment letter for a $20 million direct loan to International Bank Liberia (IB) to support long-term lending to Liberian private sector in construction, services, manufacturing, agribusiness, hospitality, and transportation.

							13. Foreign Direct Investment and Foreign Portfolio Investment Statistics					

*Table 2: Key Macroeconomic Data, U.S.FDI in Host Country/Economy*

*Table 3: Sources and Destination of FDI*

Data not available.*Table 4: Sources of Portfolio Investment*

Data not available.

							14. Contact for More Information					

Embassy Monrovia Economic & Commercial SectionMonrovia-Commerce@state.govAlexander SokoloffPolitical & Economic CounselorU.S. Embassy Monrovia502 Benson Street, 1000 Monrovia 10 Liberia+231(0)77-677-7284solokoffaw@state.gov

Alusine Sheriff, Economic & Commercial AssistantEmbassy of the United States of America502 Benson Street, Monrovia, Liberia+231 (0)77-677-7090SheriffAM@state.gov

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### On This Page

                    -  Executive Summary 
                    -  1. Openness To, and Restrictions Upon, Foreign Investment   
                    -  2. Bilateral Investment Agreements and Taxation Treaties   
                    -  3. Legal Regime   
                    -  4. Industrial Policies   
                    -  5. Protection of Property Rights   
                    -  6. Financial Sector   
                    -  7. State-Owned Enterprises   
                    -  8. Responsible Business Conduct   
                    -  9. Corruption   
                    -  10. Political and Security Environment   
                    -  11. Labor Policies and Practices   
                    -  12. OPIC and Other Investment Insurance Programs   
                    -  13. Foreign Direct Investment and Foreign Portfolio Investment Statistics   
                    -  14. Contact for More Information   

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