In a forum held recently, the President of the Liberia Bank for Development and Investment (LBDI) has called for a robust and innovative rubber sector in Liberia.
John B. S. Davies, III, also wants a master plan that will guide and improve the sector to compete with international best practices.
Davies said that the sector will greatly help to stimulate the Liberian economy, which is going through one of its worst periods.
The LBDI boss noted that Liberia has stayed long in the exploration of raw rubber without getting any positive benefits from the product.
He said to jump-start the recovery process of the rubber industry in Liberia, specific focus should be placed on several factors in terms of accessing where the industry is, and to provide an opportunity as to where the sector needs to look at in the future.
Davies indicated that though the rubber sector has a number of expectations, but there are few obligations that cannot be ignored.
He said there has been a little or poor focus on value added by the private sector, NGOs and stakeholders.
Speaking at a one-day forum on the Liberian rubber sector organised by his institution in Monrovia, Davies also indicated the limitation of rubber processing facilities as one of the challenges the sector is faced with, saying, “It needs to be fixed now if the industry is to grow.”
The purpose of the exercise was to come up with innovative ways and suggestions that the government can rely on to work with the rubber sector in archiving several of the many economic goals of Liberia.
He challenged participants to not relent on pointing out those obligations the sector has; adding: “It will help to better up the rubber sector of Liberia.”
Davies, who is also President of the Liberia Bankers Association, disclosed that since the 1920s, Liberia has been exporting raw rubber without taking in consideration the impact the trade has on the international world market.
According to him, there is the need to look at innovative and alternative ways and technology for the processing of raw rubber in Liberia.
Meanwhile, the President of the Rubber Planters Association of Liberia (RPAL), Wilhelmina Siaway, said it is the focus of the leadership of the RPAL to add value to rubber and establish a training institution in the country.
She also used the occasion to assure the bank that members of the association will do all they can to abide by the policy of banking institutions as it regards loan payment.
The forum was attended by the Ministers of Agriculture, Finance and Development Planning and the head of the Cooperative Development Agency.