30/04/2009 (All Africa), Monrovia — President Ellen Johnson Sirleaf has signed a US$8-hundred million dollar Agriculture Concession Agreement for the rehabilitation and expansion of the Guthrie Rubber Plantations. The project is to be undertaken by the Sime Darby Company of Malaysia.

Speaking during the signing ceremony, the President noted the agreement represents another step in Government's efforts to develop the agricultural sector of the country and provide more employment opportunities for Liberians. An Executive Mansion release quotes the President as saying Government was very keen on getting back Guthrie given the Company's impressive track record in Liberia. The agreement, the Liberian leader said, sends a strong signal because it demonstrates that the right policies being adopted by Government are attracting investment to the country. The President expressed satisfaction over the social benefits to be offered by the Sime Darby and pointed out that Government will work to ensure that the company gets all the support to ensure the success of its investment. The President stressed that Guthrie has been a major part of the economic activity of the country and was pleased that Sime Darby, the number-one leading company in the world in the oil palm industry, was undertaking the project. The President expressed hope that the National Legislature would ratify the agreement which she referred to as a major boost for the country.

Under the renegotiated concession agreement, the Government of Liberia will provide the company with 220,000 hectares of land for the cultivation of oil palm and rubber trees. The company is to also produce subsequently oil palm and rubber products for use in Liberia or for export. Of this area, 120,000 hectares was originally provided for under the original concession agreement, and an additional 100,000 hectares is being provided in consideration of investor's commitment to construct and operate a vegetable oil refinery in Liberia. The company, which managed Guthrie Plantation prior to the Liberian civil war, will provide 20,000 jobs over a ten year period on 40,000 acres of land in Gbarpolu, Grand Cape Mount and Bomi counties.

The agreement also provides for a social program which includes housing and medical facilities for residents in the area.

The signing ceremony was witnessed by Mr. Azhor Abdul Hamid, Executive Vice President of the Sime Darby Group of Malaysia; Acting Agriculture Minister Borkai Sirleaf; National Investment Commission Chairman Richard Tolbert and Minister of State for Economic and Legal Affairs, Morris Saytumah.