Sub Regional Development within the Framework of an Economic Free Zone
The need for viable economic development within ECOWAS cannot be overemphasized. Scholars believe that after years of civil wars, economic challenges and impacts of structural adjustment, many West African countries are in search of development strategies. West African nations have therefore, been looking primarily to the role regional integration and cooperation could play in revitalizing and redirecting the development process. (Source: 'Regional Integration and Cooperation in West Africa, A Multidimensional Perspective' (page 30)) (Photo: Hon. Victor Foh)
Africa has great potentials of stepping into fast and sustainable growth path. For instance, within the framework of Mano River Union, with particular attention to Guinea, Liberia and Sierra Leone, there is a great potential in speeding up economic development given their rich endowment of natural resources, gas and petroleum reserves.
With their resource rich nature, the most advantageous development strategy for these three countries will be, undertaking large scale infrastructure construction especially in the area of transport as in railways and ports. Such a development strategy to be utilized by the countries under review will largely help ensure positive and far reaching impacts on not just their economies, but that of the entire West African region.
Three of the four MRU Embassies in the People's Republic of China (Guinea, Liberia and Sierra Leone) have been working on the realization of a Sub Regional Development Project, towards an economic free zone, known as the Makona River Free Zone Development Project. This is in line with the thriving historical cross-border transnational market trading between the communities of Guekedou in Guinea, Koindu in Sierra Leone and Foya in Liberia.
A free zone is a perimeter of varying size, in which authorised businesses are exempt from the normal regime applicable in the host country, in particular, with respect to the customs and taxation fields (Bost, 2010). In return, governments expect these businesses to boost national exports, to create jobs, and to help diversify the economy by bringing in new branches of activities. (Source: West African Challenges, Are Economic Free Zones Good for Development? published by the Sahel and West Africa Club Secretariat (SWAC/OECD), 2011)
The scale and magnitude of financial resources and industrial capacity needed for producing the expected result and outcomes makes China as the most appropriate partner for implementation of a Free Zone Project in the Makona River.
Sino-Africa relations have in the last decade, given a vibrant new roadmap for cooperation and collaboration between China and African nations. FOCAC has been the core factor in fostering relations between the two. For instance, the Forum On China-Africa Relations (FOCAC) Beijing Action Plan (2013-2015) speaks of China's will to continue in supporting the development of overseas business cooperation zones established in Africa.
China has got the much needed resources and its huge industrial capacity propels its huge global demand for West Africa's natural and mineral resources. It today and over the last decade has a strong desire and willingness to promote Sino-Africa relations, given a vibrant new trajectory for cooperation and collaboration between China and African nations.
The Makona River Free Zone (MRFZ) is designed to work on an area across Sierra Leone, Liberia and Guinea in West Africa, and through construction of harbor, railway and energy related infrastructure works, promote the utilization and development of natural resources including mining, forest-agriculture fishing, amongst others. b Through MRFZ cooperation, the three countries will work together to promote the local production, West Africa economic integration, cross boundary investment, and achieve the regional social and economic prosperity
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