GDP in Liberia has been on the rise over recent years due to increased iron ore expansion and concession-related foreign direct investment. Natural resources such as iron ore, rubber, and timber dominate the country’s exports, and oil and palm play a massive role economically.
Liberia’s business sector is largely controlled by foreigners, mainly of Lebanese and Indian descent. There also are limited numbers of Chinese engaged in agriculture. There also are significant numbers of West Africans engaged in cross-border trade. The Liberian economy had relied heavily on the mining of iron ore prior to the civil war. Liberia was a major exporter of iron ore on the world market. In the 1970’s and 1980’s, iron mining accounted for more than half of Liberia’s export earnings.
The Mining Industry in Liberia:
Liberia’s main mineral products are gold and diamonds with artisan work accounting for 98% of production. Timber and rubber are Liberia’s main export items since the end of the war. Liberia earns more than $100 million and more than $70 million annually from timber and rubber exports. Alluvial diamond and gold mining activities also account for some economic activity. Tin, columbite-tantalite, phosphates, zinc, copper, lead, rare earth minerals, nickel, molybdenum, chromite, uranium and silica sands are other minerals found in Liberia.
The Oil & Gas Industry in Liberia:
Over the years, Liberia has attracted the best and the biggest international oil companies and is known as a comfortable environment for qualified petroleum investors. As the second-largest maritime licenser in the world, Liberia has over 1,800 vessels registered under its flag, including 35% of the world’s tanker fleet. There is increasing interest in the possibility of commercially exploitable offshore crude oil deposits along Liberia’s Atlantic Coast.
The Engineering Industry in Liberia:
Liberia has set up diverse and precise plans that will assist in achieving comprehensive electrification. Engineering projects form part of the core of this wide-ranging goal. Liberia’s electrification program involves a least-cost combination of grid expansion and off-grid systems, such as diesel mini-grids or solar systems.
The Bank Industry in Liberia:
The Liberian economy is heavily influenced by the mining of iron ore and is a world-wide exporter of iron ore. Timber and rubber are Liberia’s main export and the country is the second largest maritime license in the world. The Liberian dollar is the currency used.
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