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Business News of Wednesday, 6 June 2018

Source: ghananewsagency.org

Portuguese business delegation to invest in Ghana

The Portuguese Association of Metal and Electromechanical Industries has expressed interest to invest in the country’s manufacturing and infrastructural sector for mutual benefits.

The Association has expertise in the metal and electrochemical sector and will be ready to strengthen institutional collaboration to explore investment opportunities.

Ms Maria Luis Correia, the Head of the Delegation, said this in Accra when an eight-member delegation called at the Ministry of Trade and Industry to discuss business opportunities between the two countries.

She said the delegation was to have a first-hand interaction with key companies in the manufacturing sector to strengthen relationship and chart the way forward as far as investment was concerned.

Ms Correia said their outfit had expertise in the manufacturing, engineering, agriculture and other sectors and would provide assistance and support through technical services, and enhanced the development and progress of activities in the companies.

She said the Association was ready to promote and encourage vocational training and development of human resources in the metallurgical and electromechanical sector.

Mr Ebo Quayson, Team Leader, Export Trade and Investment at the Ministry of Trade and Industry, said government had designed policy reforms to make Ghana the most business-friendly nation in Africa to accelerate socio-economic development and prosperity for all.

To this end, government has outlined a 10-point agenda to transform the industrial sector of the national economy that would create job opportunities for the teeming unemployed youth and ensure prosperity for all Ghanaians.

He mentioned the industrial agenda which were anchored on the following areas: building competitive businesses of existing local industries by facilitating access to medium and long term financing at low interest rate, and implementing the One District, One Factory initiative designed to bring industrialisation to the doorsteps of the people.

Mr Quayson enumerated other initiatives, including introduction of strategic anchor industrial initiatives to create new growth poles for the Ghanaian economy, establishment of industrial parks and special economic zones in at least one of the ten regions (One Region, One Park) and promoting small and medium-scale enterprise development.

Mr Edward Asong-Lartey, Director of Investor Services, Ghana Investment Promotion Centre, assured the delegation of an enabling environment for investment, adding that Ghana was the second largest economy in West Africa with market access of over 350 million ECOWAS market.

He said Ghana was opened for doing business, and urged them to explore in areas such as agriculture, manufacturing, education, ICT, health and energy.

Mr Ashong-Lartey assured the delegation of investment incentives such as guarantee against expropriation, custom duty exemption on plant, machinery and equipment.

“There is strong government support for investment and our legal framework is transparent to ensure the success of every investor,” he added.

Mr Ernest Agyapong, the Team Leader for One District One Factory policy, said the initiative was aimed at creating jobs for Ghanaians through the setting up of factories and industries, and welcomed the investors to collaborate to move the country towards greater industrialization.

He said the policy aimed to transform the structure of the economy from one which was dependent on production and export of raw materials to a value-added industrialised economy, driven primarily by the private sector.