The Business and Financial service students of the Institute of Public Administration and Management (IPAM) on Thursday 19th July 2018, were engaged by professional experts on the topic ‘foreign direct investment and development, the Sierra Leone Scenario’ at Family Kingdom.
The essence of such a scenario is to ensure that students have a better understanding of such an important topic, which is one of the secret behind a strong driven economy in any country.
Foreign direct investment is a form of controlling ownership in a business in one country by an entity based in another country.
According to the Dean, Faculty of Management Science Dr Jesse Potter, “Foreign direct investment is the engine of economic growth in many developing countries.” Potter mentioned that two years ago 1.3 billion dollars was invested in Nigeria through direct foreign investment, noting that it is imperative with regards to the development of Sierra Leone economy.
The Deputy Vice Chancellor of IPAM Professor Edmund Munie said foreign direct investment is a key to national development. He mentioned that IPAM is on the verge of enjoying such development through its hostel facility for students. He cautioned the students to put into effect what they have learnt into reality.
Elaborating on the topic proper, the Managing Director of Mercury International, Martin Michael said, the economy is the backbone of any nation. He said doing business in Sierra Leone is not an easy task. He identified up to eleven areas that are very useful in order to establish a booming economy. Among which he highlighted is the Corporate Affairs Commission, NRA, technology,laws governing the business operations in Sierra Leone and Corruption amongst others.
“One of the biggest killers of doing business in Sierra Leone is bureaucracy” he said, noting that bureaucracy is fuelling corruption. He said the government must try to get rid of bureaucracy in various MDA’s in order to improve the economy. Martin said one cannot do a successive business, without electricity, stressing that Sierra Leoneans are paying very high rate in terms of electricity supply. He furthered that a stable currency and availability of foreign currency is a key to a stable business and economy, adding that without stable currency or availability of foreign currency there would be no need for investment. “Corruption is the Cancer of our society and development and we must try to eradicate it at all cost”
The Corporate Affairs Director of Africell, Joe Abass Bangura talked about, inflation, foreign exchange and gross domestic product amongst others. He said 2011 was the year in which the highest amount of money was invested in Sierra Leone, through direct foreign investment, which he said is 950 million dollars, adding that the atmosphere must be created for such investment to survive.
According to the Director of Policy National Revenue Authority DrSheikuKamara taxation provides funds for the government in order to fund infrastructure projects. Talking about the role of NRA in establishing investment in Sierra Leone, he said NRA in collaboration with the Ministry of Finance design revenue laws for the state.
He said they also try to eliminate trade barriers, noting that a conducive atmosphere must be created for business to thrive. Kamara said the failure of NRA to collect the necessary tax, will limit government spending.
Kevin Cole, a student of Business Administration noted that “it is a very useful seminar for us as students”. He maintained that they have benefited a lot from the various speakers that espoused on the topic, adding that they hope to put what they have learnt into effect.
Lecturing the Module International Business at IPAM James Kollie said “such seminar is an annual seminar; we normally have for our students. He said it is not only timely for students to be learning about theories but cited the importance and benefit of practical. “Having firsthand experience is very vital for the students to learn at a faster rate.”
There were other pertinent speakers that also shed light on the topic, which was chaired by Dr Ezekiel Duramany- Lakoh.
By Mohamed J. Bah
Tuesday July 24, 2018.
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