Foreigners are expressly prohibited from taking part in a variety of economic areas by the Investment Act of 2010. The Investment Act restricts access for non-Liberians to 12 business sectors or industries and reserves 16 business sectors or industries only for Liberian citizens. Non-tariff obstacles include a lack of adequate physical infrastructure, such as roads, electricity, and an efficient internet system, as well as secretive administrative practices that encourage bribery and corruption. These concerns have led to low trade tax collection, significant levels of smuggling, and increased informal cross-border trade, in addition to porous borders and inadequate protection for intellectual property rights. All items shipped to and from Liberia must have import and export licenses. These abnormalities might occasionally act as technical obstacles to efficient trading in the country.
Inspection, testing, and certification
Concerning product certification, there are no agreements for reciprocal recognition with American organizations. Various organizations handle certifications in Liberia based on the goods, industries, and sectors involved. There have been no reports of American exporters being burdened by product certification. All types of customs inspections are handled by the
Bureau Veritas Liberia or BIVAC and the Liberia Revenue Authority (LRA). Various organizations handle accreditations, depending on the issues at hand. For instance, the Ministry of Health and the Liberia Medicines & Health Products Regulatory Authority (LMHRA) oversee accreditations for health systems and products, and the Ministry of Education and the University of Liberia oversee accreditations for education systems.
The Ministry of Commerce and Industry typically handles the accreditation of various consumer products. The Ministry of Agriculture is responsible for accrediting agricultural products, the Forestry Development Authority (FDA) is responsible for accrediting forestry and associated products, and the Liberia Petroleum Refining Corporation is responsible for accrediting petroleum products (LPRC). The Liberia Land Authority is in charge of managing accreditations related to land, while the Ministry of Mines and Energy is in charge of those related to minerals and energy resources. The Central Bank of Liberia is in charge of accreditations related to financial service providers (CBL).
Why exporting is important in Liberia
Every nation has something special to offer, and they view these chances as ways to grow their economies.
They can increase their economies and bring money into their treasuries by exporting their offerings, such as goods, resources, and skills, to the global market.
Exporting goods and services from Liberia
The following is the legal procedure that is followed:
Create a strategy for exports
It’s time to draft your export plan, in which you’ll lay out your export approach. The business plan that you already use for your domestic activities can serve as your starting point. The Export strategy is essentially a business plan with a focus on global or international markets, which can then be developed from there.
Export-ready product preparation
For your product to be acceptable in your target overseas market, you might need to adapt your production procedures and make adjustments to the product.
Bring your product in
Considerations for product delivery include:
Shipping or transportation strategies (or delivery of services). This will mostly depend on variables like distance, topography, and the degree of product demand.
role of third parties, including freight forwarders and customs brokers.The initial packaging of the goods and subsequent transport-ready packaging. All export documentation, including shipping documents and collecting records, must be accurate and complete. It may appear to be a challenging procedure to many, and in some ways it is. However, any company can start exporting with cautious planning and diligent analysis. There is no reason you couldn’t do it, small firms have been doing it for years.
