Trade and Investment

Trade and Investment

The Ministry of Trade and Industry is the official arm of the government that is responsible for Trade and Investments. 

 

The Ministry has the sole mandate of developing policies and programs to stimulate local and export trade as well as to enhance private sector investment, industrial and economic growth.

 

The ministry envisions a private sector-led economy, which will ensure that the socio-economic needs of the citizens are met through private sector development, job and wealth creation.

 

There are many reasons investors should consider Sierra Leone as their destination for investment.

 

First mover advantage - 5.4 million hectares of arable land

Attractive fiscal and non-fiscal incentives

Attractive fiscal and non-fiscal incentives

Significant Hydro and irrigation potentials

Easy access to land with smooth facilitation process

Significant untapped mineral deposits

5% Projected real GDP growth rate - 2017

Strong privatization and divestiture program scheduled

Duty-free access to lucrative markets (USA, EU, and Asia)

Lonely Planet Top 10 tourism destination - 2009

First-mover advantage: Because of the relatively low numbers of current investors in some sectors, your company may enjoy the benefits of a first-mover advantage.  However, with the government focused on improving the investment climate and removing administrative barriers for doing business, this advantage will be available only to those who act now.

 

Favorable tax rates for key sectors: In addition to boasting beautiful, undeveloped beaches, historical sites, and attractive flora and fauna, Sierra Leone also has favorable tax rates for tourism investments.  They are exempted from corporate income tax for the first five years and exempted from Pay As You Earn (PAYE) income tax for up to six employees with “non-available skills” for the first three years of employment.  Investors in agriculture also enjoy favorable tax rates.  For example, investments in tree crops and rice are exempted from corporate income tax for the first 10 years.

 

Duty-free access to large markets: Sierra Leone provides duty-free access to large markets under treaties such as African Growth and Opportunity Act (AGOA) with the United States, and the Cotonou Agreement with the European Union.  Your company can capitalize on this access by establishing itself to supply these markets.  In addition, regional and domestic demand is high for certain agriculture products, fresh or processed fish, and meat.