01/05/2009 (All Africa), Monrovia - Sime Darby, a Malaysian Company and the Liberian Government yesterday signed a little over USD800 million major concession agreement for the cultivation of oil palm and rubber in three stern counties of Liberia.

Present during the signing of the agreement among others were Finance Minister Augustine Ngafuan; NIC Chairman, Richard Tolbert and acting Agriculture Minister, Borkai Sirleaf who have signed on behalf of the Liberia Government while the Semi Darby delegation headed by its Manager Director Mr. Dato’ Azhar Abdul Hamid signed for the company.

Speaking during the signing ceremony, National Investment Chairman Dr. Richard Tolbert said among others things that he was exited over the signing of such huge agreement despite other agreements signed in recent times.

He said that such agreement signed yesterday is one of the most important agreements by investor since the inception of the UP led government.

The National Investment Commission Chairman said the agreement is the combination of over one and half years of hard work during the administration of the former agriculture Minister, Chris Toe who provided support to such agreement in negotiating through the inter-ministerial concession committee chaired by the national investment commission headed by its Director, Dr. Richard Tolbert.

Dr. Tolbert said he has been witnessing several agreements signed with some huge amount of dollars but described the Sime Darby agreement as one of the most important agreements which he said has the duration of a little over 20 years with the capability of employing over 200,000 employees.

The negotiation also considered production of oil palm refinery products and rubber both for use in Liberia and for exportation. The company is expected to begin operation by August this year pending confirmation by the National Legislature.

For his part among other things, Finance Minister Augustine Ngafuan commended the Malaysian Company for the investment agreement which he said has the potential in bringing joy to the Liberian people.

He said those who are empowered should also empower their people; therefore the Government has the opportunity to empower its people.

Mr. Ngafuan who chairs the Revitalization Committee under the Poverty Reduction Strategy also said that under the Poverty Reduction Strategy, the private sector is the engine of growth and the key strategy for the Poverty Reduction Strategy is to provide productive sector.

Sime Darby the original investor of the troubled Guthrie Rubber Plantation in Bomi County began the negotiation since 18 months ago, in which the Government of Liberia is expected to provide the company 220,000 hectares of land for the cultivation of rubber and oil palm in Bomi, Cape Mount and Gbarpolu Counties.