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Business Profile
Economy: The civil war has caused severe damage to the economy although the peaceful periods have allowed at least an opportunity for economic reconstruction. 70 per cent of the population work the land, producing rice and cassava as staple foods and palm oil, coffee and cocoa as cash crops. The country’s principal export commodities are iron ore and rubber. Some gold and diamonds are also mined. The manufacturing industry – still operating far below capacity – produces cement and other building materials, chemicals, drinks and tobacco and consumer products. Liberia operates one of the longest established open registry (flag of convenience) merchant shipping fleets. This continues to be an essential source of foreign exchange and government revenue. Liberia relies heavily on international aid and financial support, although it has suffered from poor relations with the IMF following disputes about repayment terms. Liberia is a member of the West African trading bloc ECOWAS. The USA is Liberia’s largest trading partner, followed by Germany, Belgium, France and Italy.
Business: Business dress is informal – normally a shirt and tie is acceptable. The language used in business circles is English. Office hours: Mon-Fri 0800-1200 and 1400-1700.
Commercial Information: The following organisation can offer advice: Liberia Chamber of Commerce, PO Box 92, Monrovia (tel: 222 040 or 223 738).
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