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05.11.2014 Diaspora News

Veep Meets Captains Of Indian Industry

By Maxwell Okamafo Addo
Veep Meets Captains Of Indian Industry
LISTEN NOV 5, 2014

THE Vice-President, Mr Kwesi Bekoe Amissah-Arthur on Tuesday met captains of Indian Industry and assured them that Ghana welcomed investors whose operations would add value to the country's primary commodities.

He said the production of value added commodities and products for exports would appreciate Ghana's exports earnings as well as enable investors to expand their capacities to offer more employment opportunities for the
people.

Addressing Chief Executives Officers (CEO's) of Indian manufacturing and commercial concerns at the headquarters of the Confederation of Indian Industry (CII) at New Delhi, Mr. Amissah-Arthur said Ghana had taken a bold and decisive decision to diversify its economy by adding value to products for the local and external markets.

Accompanied by the Minister of State responsible for Private Sector Development, Mr, Rashid Pelpuo and Ghana High Commissioner to India, Mr. Sam Pee Yalley, the Vice- President said it was becoming increasingly dangerous for the country to rely solely on the export of materials in their raw form into the foreseeable future.

He said considering the manipulation of prices of raw materials on the world market resulting in dwindled receipts for the country and throwing overboard projected government budgets, it had become imperative to diversify the country's economy to meet the rising expectations of the masses.

Mr. Amissah-Arthur drew the attention of the gathering to the political stability which Ghana had enjoyed over the past 22 years, a veritable factor, which he said, which made it a preferred destination for Indian investment in the West African sub-region.

"Ghana has since 1992 has elected its various governments' through the ballot box and the masses of the people had come to realize that exercising their franchise every four years to elect their leaders was the best form
of governance," he said.

Commenting on other factors of production considered by investors before committing their capital to the various sectors of the economy, the Vice-President said the country was diversifying its energy mix to provide uninterrupted electricity for industry and commerce.

He added that although the country was faced with financial challenges, nevertheless it was doing its best to mobilize resources to undertake the rehabilitation and expansion of existing road, rail and air network in the country.

The Vice-President also welcomed investment in the infrastructural sector, which he said, required $1.5 billion annually for the next decade to fix the sector to facilitate the progress and development of the country.

Mr. Amissah-Arthur told the gathering that the country abounded in fertile lands, massive water bodies and untapped and abundant mineral resources stressing that Indian businessmen could invest in the agricultural, mining and fishing sectors and expected maximum returns on their investment.

The Vice-President also commented on the oil and gas industry, adding that the sector offered ample opportunities for investors who could also invest in its ancillary concerns such as fertilizer manufacturing.

The Deputy Chairman of the CII, Mr. Sanjay Kirloskar, said Indian businessmen acknowledged the economic potentials in Ghana and said members would continue to liaise with the appropriate authorities in the country to explore investment opportunities.

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