Presentation on theme: "UK-LIBERIA INVESTMENT FORUM: INVESTMENT OPPORTUNITIES IN LIBERIA’S MARITIME SECTOR PRESENTED BY BINYAH C. KESSELLY COMMISSIONER/CEO LIBERIA MARITIME AUTHORITY."— Presentation transcript:
UK-LIBERIA INVESTMENT FORUM: INVESTMENT OPPORTUNITIES IN LIBERIA’S MARITIME SECTOR PRESENTED BY BINYAH C. KESSELLY COMMISSIONER/CEO LIBERIA MARITIME AUTHORITY SEPTEMBER 14, 2012 DRAPER’S HALL, LONDON
2 Building a Maritime Nation INTENDED TAKE AWAYS
3 Building a Maritime Nation Liberia’s Maritime Sector Intended Takeaways The History President’s Vision Transition from the Bureau of Maritime Affairs (BMA) to the Liberia Maritime Authority (LiMA) New Strategic Direction Investment Markets/Opportunities At the conclusion of this presentation, you should have a deeper understanding of the following aspects of Liberia’s Maritime Sector...
5 Building a Maritime Nation Liberia’s Maritime Sector Introduction Liberia has an estimated coastal shoreline of over 300 miles, boasts a 200 nautical mile ocean and an enviably large network of inland waterways. There are two elements to Liberia’s Maritime Program – an International Registry and a Domestic Registry. Even though we have a greater than six decade international maritime presence, we have yet to fully appreciate the coastal resources and vast biodiversity that exists within our domestic Maritime Domain.
6 Building a Maritime Nation PRESIDENT’S VISION: A SECTOR IN TRANSITION
7 Building a Maritime Nation President’s Vision: A Sector in Transition “We must transition from a Nation with a leading Maritime Program, to a Leading Maritime Nation.” ~ President Ellen Johnson Sirleaf ~ This vision suggests that Liberia must now start to strategically focus on areas within the maritime sector that either have a direct or tangential maritime impact on the national (and global) economy. It also suggests that we must begin to expand into areas that may seem outside the realm of the prototypical maritime sector. In short, we must rapidly develop and enhance our domestic maritime sector and ensure that it is the predominant contributor to our GDP.
8 Building a Maritime Nation EXECUTING AGAINST THE PRESIDENT’S VISION
9 Building a Maritime Nation ① Identify a new Strategy and Direction for the Program; and ① Conclude the Contract with the Agent of the International Shipping and Corporate Registry. A new management was recruited and hired in early 2008, ushering in a new corporate style of leadership. The team was given two clear mandates: Executing Against the President’s Vision: Initial Steps Taken The contract with the Agent was concluded in mid 2009; and The BMA, an Autonomous Agency of Government, via an Act of of the National Legislature, was transitioned to the LiMA in August of 2010, a Public Corporation with greater flexibility and responsibility to manage and commercialize Liberia’s Maritime Domain.
10 Building a Maritime Nation Executing Against the President’s Vision: Strategic Intent of the Sector The strategic intent of the Maritime Sector can be readily identified by answering a series of interrogatories. Included here is a non-exhaustive sample (there are more than 30 questions in the exhaustive list)…. 1.What is the status of the Liberian Maritime program on the world stage/global Maritime Community? What is/are the centerpiece(s) of our program? 2.What are the industries in which we operate? 3.What is our historical record (what are the trends) and how have these sectors been created and developed over the years? 4.Who has been our greatest ally? Our greatest competitor? 5.Have we been successful at sector growth? If yes, why? If no, why not? 6.What are our revenue targets and how were they generated? What are our major drivers of business? Are they SMART? Strategic? Visionary? Aspirational? 7.What is the country’s economic platform/base? (Industry, Service, Private, Other) What are the components of each sector of the economy? What kind of Revenue is generated and what is the track record? How does the Maritime program fit in?
11 Building a Maritime Nation EXECUTING AGAINST THE PRESIDENT’S VISION: A NEW FOCUS
12 Building a Maritime Nation Executing Against The President’s Vision: Charting A New Course Ship & Corporate Registries Merchant Banking Fishing Port Systems Ship Building Dry Docking & Ship Servicing Water & Eco-Tourism Luxury Hotels & Resorts Water Transport Maritime Human Resource Development Other (Leverage Existing Core Competencies) A leading maritime nation is one that has the ability to strategically coordinate and execute... National Economy Bunkering Ship Breaking & Ship Recycling Offshore Drilling Services & Supplies
13 Building a Maritime Nation Executing Against The President’s Vision: Where Are The Opportunities? The immediate and profitable opportunities are as follows... Bunkering Dry Docking & Ship Servicing Ship Building, Breaking & Recycling Logistical Support Services Water Transport FISHING OIL & GAS SecurityOnshoreOffshore Commercial
14 Building a Maritime Nation EXECUTING AGAINST THE PRESIDENT’S VISION: WHAT IS IN PLACE?
15 Building a Maritime Nation Executing Against The President’s Vision: What’s in Place? The new regulatory regime (laws, regulations, policies, pricing, etc) to protect government and potential investors/partners; The profile of an aggressive investment climate for the Sector; The templates for Feasibility Studies, Business Case and Economic Viability Models; The building of capacity for internal staff to support the commercial and regulatory aspects; and The focus on Job creation to increase employment opportunities in the sector for young people. At the LiMA, the following processes have either been or are being developed and implemented…