By: Aminata Sesay
Parliament has ratified a Comprehensive Economic Partnership Agreement between the Government of Sierra Leone and the United Arab Emirates (UAE), paving the way for strengthened trade and investment relations, increased foreign investment and potential job creation.
The agreement is expected to create new opportunities for Sierra Leone to expand its export market, attract foreign capital and develop key sectors of the economy.
Speaking in an interview, Alhaji Alpha Timbo, Chief Director and Professional Head of the Ministry of Trade and Industry, said the agreement was reached following more than two years of negotiations between the two countries. He disclosed that it was signed by President Julius Maada Bio and the Emir of the UAE in January this year.
He explained that the agreement, which was laid before Parliament on October 16, covers several areas, including energy, agriculture, digital skills, digital trade, minerals and capacity building.
According to Mr. Timbo, the partnership would provide opportunities for Sierra Leonean agricultural and fisheries products to access the UAE market, particularly coffee and cocoa, which he described as commodities with significant export potential.
He noted that the UAE, a member of the Gulf Cooperation Council (GCC), possesses substantial financial resources that could be channelled into investment opportunities in Sierra Leone.
Mr. Timbo said the agreement would also enable Sierra Leone to diversify its trading partnerships and reduce overdependence on particular markets and regions, while strengthening economic cooperation between the two countries.
He emphasised the importance of adding value to locally produced commodities, arguing that processing agricultural products and minerals within Sierra Leone would generate greater economic benefits than exporting them in their raw forms.
Using cocoa as an example, he explained that processing the commodity into finished products such as chocolate locally could create more employment opportunities, increase industrial capacity and generate higher export earnings.
He also highlighted opportunities in the minerals sector, particularly the need to build local capacity for cutting and polishing diamonds and processing iron ore into finished products such as iron rods.
According to him, partnerships with UAE investors could provide the financial resources, technical expertise and skills required to strengthen local processing industries and promote industrial development.
Mr. Timbo said the agreement was consistent with the Government’s ambition to attain middle-income status by 2035 through economic diversification and increased private-sector investment.
He further linked the partnership to the Government’s target of creating 500,000 jobs, noting that attracting investors to establish businesses and factories would be critical to achieving that objective.
“The government cannot employ everybody; the private sector has to do it,” he said, explaining that increased investment could facilitate the establishment of factories, expand commercial activities and create employment opportunities for Sierra Leoneans.
Addressing concerns surrounding concessions and incentives granted to foreign investors, Mr. Timbo clarified that such arrangements formed part of the country’s broader investment policy and were not specific to the agreement with the UAE.
He maintained that Sierra Leone needed to establish a competitive investment climate to attract foreign investors, citing the country’s peace, democratic governance and hospitable population as key advantages.
With Parliament’s ratification of the agreement, attention now shifts to its implementation and the extent to which it will translate into increased trade, foreign investment, industrial growth and employment opportunities for Sierra Leoneans.