By: Thaimu Bai Sesay
To reduce the importation and inflation of commodities, the Ministry of Trade and Industry has on Thursday 6th April 2023, signed an agreement with five international industries to establish factories in different parts of the country.
The five industries that signed the agreement with the Ministry of Trade were identified as Global Light Refinery, IMS Industry Ltd., 5 Star Food Industry Ltd., SR Sierra Leone Industry Ltd. and an extension of Capitol.
The Minister of Trade and Industry Dr Edward Hinga Sandy in his statement at the signing ceremony, affirmed that the establishment of these factories in the country would not only target import substitution but would equally provide jobs to Sierra Leoneans. “Each one of these factories had the potential to create at least 200 jobs, and if you consider everything together, that alone is creating over 2,000 jobs,’ he statistically approximated
According to the trade minister, the factories set to be established would be producing various products, ranging from building materials to consumable commodities. Dr Sandi expressed that they wanted some of those commodities mostly consumed in Sierra Leone to be produced in the country instead of depending on other countries. ‘For the very first time Sierra Leone is going to be producing Plywood, Steels, Iron rods, Steel bars, Nails, Binding wires and all kinds of Iron Rods,’ the minister highlighted a few items a single factory would be producing. He added that the same factory would be producing both medical and industrial products, including oxygen and nitrogen.
The Minister continued that among the five industries, SR Industry Ltd. would be investing 55 million dollars in the establishment of a building material factory that would be focusing on the production of cement and the construction of plastic materials, such as tanks, conduit pipes and other related products. He said they had been importing all of these materials that were soon going to be manufactured in Sierra Leone. ‘Of course, there is a company here that is doing the same but we need competitiveness in the market. Miller alone has been doing well and when other companies come, they will join them,’ he admitted.
He went on to state that the other factories and the products they would be producing in the country. He intimated that Capitol Foods which had a factory in Freetown, producing nonalcoholic beverages, would be expanding the factory they have in the province. Global Line Refinery, another factory he described to be owned by a US-based Sierra Leonean, would be processing Palm nut and Palm Cannel into various foods. He said Five Star Food Industry Ltd. would be producing Tomato Paste, Spaghetti, Chicken and Shrimps Maggi and other related products. He said IMS Industry Ltd. would be producing Flour, Rice, biscuits, Juice and other related products.
