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08.11.2007 Business & Finance

China to encourage credible investment in Ghana - Ambassador

By GNA
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The Chinese Ambassador to Ghana, Mr. Yu Wenzhe on Thursday said his government would continue to encourage credible Chinese entrepreneurs to invest in Ghana.

He said the long-standing traditional friendship between the two countries had developed rapidly and positive achievements had been made in all fields of co-operation.

Mr Yu, who was addressing a press conference to mark the seventh anniversary of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), said the direct investment by Chinese companies was over 70 million dollars.

The FOCAC was instituted in 2000 as a platform by China and friendly African countries for collective consultation and dialogue, and a cooperation mechanism between the developing countries, which fell into the category of South-South cooperation.

The forum, which is organised every three years, is also to promote both political dialogue and economic cooperation and trade, with a view to seeking mutual reinforcement and common development.

The Ambassador said 283 Chinese enterprises registered with the Ghana Investment Promotion Centre from September 1994 to June 2007, making it the biggest investor.

Mr Yu added that 97 were manufacturing enterprises, 59 general trading companies, 44 service providers, 15 construction companies and 48 tourist agencies.

He mentioned the Bui Dam, Afife Irrigation, Dangme East District Hospital, Police Apartments, Beijing Village Barracks at Burma Camp and the 17.4-kilometre Ofankor-Nsawam stretch of the Accra-Kumasi Highway projects as some the projects that China supported.

"Projects yet to be completed since 2006 include an office block of the Ministry of Defence, two stadiums to serve Ghana CAN 2008, National Communication Backbone Project and the Youth Cultural Centre in Kumasi."

Mr Yu said China was also constructing a hospital in Accra and three rural schools to be donated to the country.

He said under the framework of FOCAC, more than 700 Ghanaian professionals and officials participated in various training programmes or seminars in China including, trading, agriculture, education, fishery, communication, energy and auditing.

Mr Yu said since the establishment of FOCAC, economic and trade cooperation between China and Africa had entered a new era, with comprehensive, rapid and stable development.

"Two-way trade volume rocketed to 55.5 billion dollars in 2006 after breaking the mark of 10 billion dollars in 2000," he said.

The Fourth Ministerial Meeting of FOCAC would be held in Egypt in 2009.

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