MONROVIA – Large foreign capitals – transnational and transcontinental investments – that have come to Liberia, the first major being Firestone Liberia 1926, represent key backbones of Liberia’s economy. But most regular and complementary are the swarms of foreign family exterprises, that engage into small entrepreneurial businesses such as wholesale import and sale of merchandises and other goods. The traders over the years grow in magnitude, turn into huge exterprises, with multiple ventures and branches in the country. While some of these foreign capitalists engage in capital flight, crawing away their profits and benefits from Liberia to their native lands, a few demonstrate genuine commitment to Liberia and its people, and one of such is the Jeety Trading Corporation, which has successfully mutated or diversifed its enterprise with enormous positive impact on the Liberian economy. For its innovation, expansion and contribution to Liberia’s econommic growth, the Company has got a venerable pat on its back, as The Analyst reports.
A renowned Liberia-based Indian businessman and philanthropist, Mr. Upjit Singh Sachdeva, has continued to receive endless streams of commendation for his exceptional contribution to Liberia’s economic growth.
The latest commendation comes from the Chargé d’Affaires of the United States Embassy, Ms. Catherine Rodriguez, who took up time to drive to Weala, Margibi County, where the Company’s US$40 million rubber factory processing investment is located.
The US Embassy Chargé d’Affaires, who toured the rubber processing plant, emphasized that one of the things that the US Government, through her embassies, do is to advocate for economic development.
According to her, adding value to produce through industrializatin, is one of the things that will push Liberia out of its current state of backwardness and into the next level of prosperity.
“I know Liberia has benefited from foreign assistance for many years, but it’s through economic development that will provide opportunities,” Ms. Rodriguez said.
Turning to Mr. Sachdeva, who is more commonly known as “Jeety,” she added: “Jeety, you have an enviable level of fan based here. I listened to all of the people who spoke here today; it is obvious that your factory here is providing economic opportunities beyond people who worked here to people all in the communities.
“People are benefitting from the food that you are providing, from the additional money that your employees have to pay school fees, to buy new clothes, etc. Your money here, your investment here, your vision here is something to be admired.”
She continued: “As I said there are many business ventures in Liberia, but it’s people like you who will ensure that there is hope, that there is opportunity and that Liberia can be a powerhouse, economically.”
Ms. Rodriguez applauded all the rubber farmers who are selling to Jeety and other buyers and told the Rubber Planters Association of Liberia (RPAL) through its leadership and small rubber farms’ farmers.
She said she looks forward to working with all of them, “to make sure that farmers continue selling but more importantly that farmer continue to make money.”
The US Diplomat emphasized that every country needs farmers who are often the backbones of any country’s economy.
She thanked the locals for the warmed reception she and her entourage received when they arrived at the entrance of the Jeety Rubber Factory in Weala.
She was received traditionally with country rice and kola nuts and was handed a bouquet of flowers.
Responding, Mr. Jeety vowed that, with the support of the people, including farmers, he would do what he had said that he will do at his rubber factory.
He stated that at the moment, he is not receiving the quantity of rubber that his factory requires to operate at its maximum, which according to him is 225 tons of raw rubber daily.
He added: “In the month of May 2024, I received 2,312 tons of rubber. In April, it was 1,476 tons, in March 1,722 tons, in it was February 2,494.65 tons and in we received in January 2,696 tons, due to lots of challenges, which I am not going to disclose for now.”
He told Ms. Rodriguez that he had promised her predecessor, Ambassador Michael McCarthy, that he was going have a rubber factory in Liberia. He said he and Amb. McCarthy had spoken in 2021.
According to him, the former US Ambassador to Liberia had told him that his vision was a very big ambition and that it would have been impossible to achieve it in short space a time taking into considerations how some things happen in Liberia.
Before Amb. McCarthy’s tour of duty ended in July 2023, he paid Mr. Jeety a visit at the factory in June 2023 and was shocked with the level of investment he saw.
“And, whatever I promised him that time, I achieved,” he said furhter. “Today, I promise you that if the farming community, if the government just give me the raw materials, I will make the first rubber glove in the country; I will make the first made-in-Liberia tire in the country.”
He used the occasion to call on the Liberian Government to fix the purchasing price of the rubber from the small farmers.
He disclosed that he supports the price that the RPAL has proposed, saying, “Let the government fix the price as it is in Ivory Coast.
“The price difference between Ivory Coast and Liberia is just a couple of dollars that is because processing cost is cheaper in Ivory Coast.”
The Indian businessman also told the US Diplomat: “It is because there is no need [for investors] to provide their own electricity, build road; there is no need to build school. These things come with costs.”
This, he said, happens apparently because of the many social amenities he has provided for the locals, including building a modern health facility, providing pipe-borne drinking water kiosks for various communities in Weala, constantly making the road pliable, etc. He is also even generating his own electricity to supply power to his processing plant.
In addition to effort made, he disclosed that at the moment, for him to produce one ton of processed rubber, he spends at most US$212.00. and his generators burn 3500 gallons or 58.3 drums of diesel fuel daily.
In the coming years, he disclosed that his over US$40-million rubber-processing factory investment will generate between US$40 to US$50 million in foreign exchange and contribute substantially to the Gross Domestic Product (GDP) annually for the Liberian government.
Over 700 Liberians are in the employ of the company.
Jeety’s Agreement with GOL
It can be recalled that the Government of Liberia, through the 54th Legislature in December 2021 ratified the Jeety Rubber LLC Investment Incentive Agreement for the production of multiple rubber materials.
According to the agreement signed with the government, Jeety Rubber LLC will construct, develop and operate a national rubber processing and production plant for the production of tires and other natural rubber products. It includes long and short rubber goods.
The processing plant is also expected to produce hand gloves, rain boots, and rubber bands, among others.
The company will process approximately 25,000 tons of natural rubber per annum.
It compels Jeety Rubber LLC to consider the interest of local rubber traders and others during its purchasing of raw materials.
The factory, which includes warehouses, washing and treatment plants, sits on 13 hectares of property, between two rivers — Weala and Borlor. It is at the moment the largest in the country. The factory building, which is 132,000 square foot in size, is completely prefabricated.