Freetown:Sierra Leone's President Dr. Julius Maada Bio has inaugurated the Sierra Leone Ocean Shipping Company Limited (SLOSCO), a new joint venture designed to enhance the country's involvement in international trade, expand its shipping capabilities, and create employment opportunities for Sierra Leoneans.
According to Sierra Leone News Agency, the establishment of SLOSCO aims to increase local participation in the maritime sector, reduce dependency on foreign shipping services, and allow Sierra Leone to capture more economic value from its imports and exports. The company is a joint venture between the Sierra Leone National Shipping Agency, which holds a 30% stake, and China's Zhejiang Xiehai Group Company Limited, which owns the remaining 70%.
Director-General of the National Shipping Agency, Mr. Mustapha Mark Lissa, praised President Bio's leadership in this initiative and commended the investment by Zhejiang Xiehai Group, highlighting its potential to create jobs and strengthen the country's shipping industry. Mr. Wang An, President of Zhejiang Xiehai Group, emphasized the partnership as a testament to the strong trade relations between Sierra Leone and China, with the potential to boost economic activities across trade, mining, and the marine industry.
Deputy Minister of Mines and Mineral Resources, Mr. Foday Mousa Fofana, acknowledged the significance of SLOSCO for the mining industry, suggesting that improved shipping capacity could facilitate mineral transport and strengthen the sector's contribution to economic growth. Minister of Trade and Industry, Mr. Alpha Ibrahim Sesay, echoed these sentiments, advocating for more local business participation in shipping and underscoring the role of public-private partnerships in trade expansion.
Ambassador Alhaji Fanday Turay, Minister of Transport and Aviation, described the commissioning as a milestone in developing the transport sector, with ongoing efforts in maritime, land transport, and aviation to enhance infrastructure and economic opportunities.
In his keynote address, President Bio highlighted SLOSCO as a strategic investment to strengthen Sierra Leone's international trade participation, improve local business competitiveness, and offer new opportunities for youth and women in the maritime industry. He stressed the importance of technology transfer and skills development to ensure Sierra Leoneans benefit from the shipping industry.
President Bio urged all stakeholders to maintain sound financial management, transparency, and safety, aligning with national laws and international standards. The success of this venture, he noted, hinges on responsible management and delivering tangible benefits to Sierra Leone's people.
The launch of SLOSCO is part of broader efforts to bolster transport infrastructure, attract private investment, and advance national development priorities, aiming to position Sierra Leone as a regional maritime hub.