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Business News of Saturday, 1 November 2014

Source: GNA

Korea to open Exim Bank branch in Ghana

Mr Kyun Jea Min, the outing Republic of Korea Ambassador, says his country would open the Korean Exim Bank branch in Ghana.

He said the bank is to facilitate trade between Korean businessmen and their Ghanaian counterparts.

Mr Jea Min stated this when he paid courtesy call on Vice President Kwesi Amissah-Arthur at the Flagstaff in Accra on Friday.

The discussion between the two men focused on strengthening economic cooperation.

Ghana and Korea have a long standing relationship which dates back many years ago and has grown with time.

Mr Jea Min stated that the opening of Bank’s branch would be positive for Ghanaian and Korean business ties.

He said despite the geographical distance between the two nations economic collaboration has been constructive and grown into unprecedented stage.

He said he would convince Korean business people to invest in indigenous Ghanaian industries such as the Komeda Sugar factory as well as the Kumasi Shoe factory which currently manufacturing boots for the various security agencies in the country.

Mr Jea Min also said many Korean companies have opened their branches in Ghana seeking to business opportunities.

He said few years ago Korea designated Ghana as one of two countries in Africa that it wants to deepen economic cooperation with.

He said to accelerate the economic cooperation between the two nations Korea is pursuing the conclusion of the Investment Protection Agreement and Double Taxation framework.

He said such agreements would institutionalise the relations between the two countries with the future in mind.

Vice President Amissah-Arthur his response stated that despite Mr Jea Min’s short stay in Ghana the relations between the two countries has grown and expressed the hope that it would be deepened over the years.

He said the potential for the economic relation between Ghana and Korea are huge, adding that the sitting of the Korean Exim Bank branch in Ghana would be healthy for trade relations.

He said government also intends to create industrial plant outside Accra and Tema to create employment opportunities for the youth.

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