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Business News of Thursday, 10 June 2010

Source: Informer

Italian Investors Coming

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Push €2 billion For Mining, Prepares For Water, Energy and Tourism Industries With Huge Cash

By Benjamin Essuman, Rome, Italy

As a result of a direct policy by the Italian government, to support home-grown businesses that will brave the challenge of investing in Ghana, the entrepreneur class in Italy have begun prospecting for business opportunities in Ghana. The number of Italian private sector institutions currently in Ghana has seen a remarkable jump, in the last one year, according to available figures.

The move, which has excited the Foreign Affairs Ministry of Italy, was disclosed last week, by Italy’s deputy Foreign Affairs Minister, in charge of Sub Saharan Africa, Mr. Giuseppe Morabito, when a delegation of Italian investors and Ghanaian representatives, led by the deputy Minister of Water Resources, Works and Housing, paid a courtesy call on him, in Rome.

Mr. Morabito explained that the efforts been made by the Ghanaian government to improve on the investment climate is much appreciated by the Italian government which has therefore line-up a number of support mechanisms to encourage Italian firms to expand their frontiers into Ghana.

The Italian Deputy Foreign Minister who was speaking on behalf of the Italian government encouraged Mr. Lorenzo Palazzo, an Italian businessman who is rolling out a number of major investment projects in Ghana, and sponsoring a tour de Italy, for a Ghanaian delegation.

“The peaceful nature of Ghana, the good business climate, the stability of democratic structures, are some of the things that gives us reason to encourage our business people to go establish in Ghana,” Mr. Morabito said.

He admonished the Ghana government representatives and the Italian investors to ensure that all contracts signed are mutually beneficial, recognises the rights of the partners, respect the rules of engagement and environmentally friendly. After given a clean bill of health to the Ghanaian economy and highlighting on the impressive leadership style of President John Evans Atta Mills, the Deputy Foreign Minister vouched for the credibility of Mr. Lorenzo Palazzo, sponsor of the trip, and asked Ghanaian authorities to enquire from the Accra Embassy, whenever in doubt, about the integrity of any Italian entrepreneur that contacts Ghanaian authorities.

Ghana’s Honourable Dr. Hannah Bissiw, the Deputy Minister of Works and Housing, thanked the Italian government for recognising the success story of Ghana and showing the way of being a helpful sister country, at this stage of Ghana’s development.

She assured the Italian Foreign Affairs officials, that Ghanaian authorities have opened their doors to interested Italian investors, their funds, businesses, technology and skills.

“Our leader, His Excellency President John Evans Atta Mills is known as the King of Peace, and after several years being a Law Professor in the university, he is a master in respecting rules of engagements. We can assure you that their investments will be safe and yield tremendous results,” she stated. Mr. Lorenzo Palazzo who heads a conglomerate of businesses in Italy and has already entered the Ghanaian mining industry, after securing the exploration license, plans to inject massive investment funds into the Ghanaian energy, water and the tourism and hospitality industries.

The investor, with 25 thriving companies in Europe stated that he has earmarked about 2 billion as funds to roll out his project in the mining industry. In an interview with Mr. Lorenzo Palazzo, he told The Informer that he decided to choose Ghana ahead of all African countries because of the peaceful and conducive business environment in Ghana.

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