Quay Elizabeth II, Freetown, Monday, 19 October 2026
His Excellency, President Dr Julius Maada Bio, officially commissioned the Sierra Leone Ocean Shipping Company Limited (SLOSCO), a joint venture aimed at strengthening Sierra Leone’s participation in international trade, expanding national shipping capacity and creating employment opportunities for Sierra Leoneans.
The establishment of SLOSCO marks a step towards increasing local participation in the maritime sector, reducing reliance on foreign shipping services and enabling Sierra Leone to capture a greater share of the economic value generated by its imports and exports.
The company is structured as a joint venture between the Sierra Leone National Shipping Agency, which holds a 30% stake, and China’s Zhejiang Xiehai Group Company Limited, 70%.
Welcoming President Bio, Director-General of the National Shipping Agency, Mr Mustapha Mark Lissa, expressed appreciation for the President’s leadership in advancing the initiative. He also commended Zhejiang Xiehai Group for investing in Sierra Leone, noting that the partnership would create employment opportunities and strengthen the country’s shipping industry.
The President of Zhejiang Xiehai Group, Mr Wang An, described the partnership as a reflection of the longstanding trade relations between Sierra Leone and China. He highlighted its potential to stimulate economic activities across trade, mining and the marine industry, while reaffirming the company’s commitment to local employment, skills development and strengthening Sierra Leone’s shipping management capacity.
Representing the mining sector, Deputy Minister of Mines and Mineral Resources, Mr Foday Mousa Fofana, described the establishment of SLOSCO as an important development for the industry. He noted that improved shipping capacity could facilitate the transportation of minerals and other goods, helping to strengthen the mining sector’s contribution to national economic growth.
Minister of Trade and Industry, Mr Alpha Ibrahim Sesay, welcomed the initiative, saying it would create additional opportunities for businesses engaged in import and export activities. He called for arrangements that would enable more local businesses to participate in the shipping sector, emphasising the importance of public-private partnerships in expanding trade, supporting exporters and stimulating economic activity.
Minister of Transport and Aviation, Ambassador Alhaji Fanday Turay, described the commissioning as a milestone in the Government’s efforts to develop the transport sector. He highlighted ongoing work across maritime, land transport and aviation, including port operations, revenue generation, road safety and policy development. He also acknowledged the contributions of the National Shipping Agency, Zhejiang Xiehai Group and other stakeholders in establishing the company.
Delivering the keynote address, President Bio described SLOSCO as a strategic investment that could strengthen Sierra Leone’s participation in international trade, improve the competitiveness of local businesses and create opportunities for young people, particularly women, in the maritime industry.
“We have the trade; we now develop the capacity to take the greater share of those fees, and that is the challenge that we must take,” President Bio stated, underscoring the importance of building national capacity to retain greater economic benefits from international commerce.
The President emphasised the importance of technology transfer, professional training and skills development, stressing that Sierra Leoneans must have meaningful opportunities to participate in and benefit from the shipping industry. He also highlighted the potential benefits for the mining and agricultural sectors, noting that improved shipping services could facilitate exports and support Sierra Leone’s ambition to become a regional maritime and transhipment hub.
President Bio urged the Ministry of Transport and Aviation, the National Shipping Agency and the company’s partners to ensure sound financial management, transparency, accountability and safety, while complying with national laws and international maritime standards. He stressed that the venture’s success would ultimately depend on responsible management and its ability to deliver tangible benefits to the people of Sierra Leone.
The commissioning of SLOSCO forms part of broader efforts to strengthen transport infrastructure, attract private investment, expand economic opportunities and advance the Government’s national development priorities.
Through the joint venture, Sierra Leone aims to enhance its maritime capacity, support the movement of goods and improve its ability to participate in regional and international trade.
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