PRESS RELEASE:

SURVEY ON FOREIGN CAPITAL FLOWS (FOREIGN DIRECT INVESTMENT) AND INVESTOR PERCEPTIONS

The Ministry of Finance and Economic Development in collaboration with Statistics Sierra Leone, the Sierra Leone Investment and Export Promotion Agency (SLIEPA), the Bank of Sierra Leone and the Sierra Leone Chamber of Commerce, Industry and Agriculture is implementing a Survey to collect and analyze data on Foreign Capital Flows, focusing mainly on Foreign Direct Investment (FDI) as well as investor perceptions on the investment climate in Sierra Leone. To this end, a National Task Force comprising senior staff of the above-mentioned institutions has been established to coordinate and implement the survey.

The main objectives of the survey are as follows:

·Improve the availability and reliability of FDI data to support informed macroeconomic policy analysis

·Facilitate the forecasting of trend and scale of FDI flows into Sierra Leone

·Assess the contribution of FDI to economic growth and employment in Sierra Leone

·Assess the perception of investors (foreign as well as local) on the opportunities and challenges of investing in Sierra Leone

·Obtain private sector input into Government policy

·Comply with international codes and standards

Expected benefits of the survey

Analyses of the information collected from the survey are expected to yield the following benefits to the country:

·Provide the Government with reliable statistics with which to design appropriate  investor-friendly policies

·Provide an input into the study on the competitiveness of the Sierra Leone economy-a key pillar of the successor growth and poverty reduction strategy, the Agenda for Prosperity

·Enhance the ability of the Bank of Sierra Leone to produce improved Balance of Payments and International Investment Position statistics

·Provide SLIEPA with up-to date perceptions of investors on the pull and push factors affecting  investment in Sierra Leone

Implementation of the Survey

The survey began with a Demand Assessment Mission, which was followed by an Opening Awareness and Training workshop to inform the private sector, government officials, and other stakeholders about the aims and objectives of the survey.

The next phase of survey is the administration of questionnaires to the relevant enterprises operating in the country.

During May 2012, trained enumerators supervised by members of the NTF will administer the questionnaires to businesses/enterprises (foreign and local) investing in various sectors in the Sierra Leone economy. The enumerators will assist the respondents in completing the questionnaires.

The data collected will be analyzed and published in a report. This will be launched and disseminated to relevant stakeholders in a Closing and Dissemination Workshop scheduled for a later date.

All officials collecting data/information are sworn to secrecy by their respective institutions. The data collected will be treated in strictest confidence and published in aggregate form only; no financial information will be given out to tax authorities or to business competitors.

This exercise is being funded by the Ministry of Finance and Economic Development under the multi-donor funded Integrated Public Financial Management Reform Project (IPFMRP) and the Sierra Leone Investment and Export Promotion Agency (SLIEPA).

To make this survey a national success, the Ministry of Finance and Economic Development and the National Task Force is counting on the full cooperation of all Chief Executive Officers of foreign-and locally-owned enterprises operating in Sierra Leone.