04.04.2005 Business & Finance

China's Federation to invest in key sectors

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Accra, April 4, GNA - A 12-Member Chinese delegation is in the country to explore the possibilities of investing in textile, electronics, rubber and other sectors of the economy to take advantage of West African markets and Africa's Growth and Opportunity Act (AGOA). The delegation from the All-China Federation of Industry and Commerce (ACFIC), a non-governmental chamber of commerce in China, met with some Ministers and Heads of Public Institutions, who briefed them on the Ghanaian business environment.

With the support of the United Nation Development Programme (UNDP), the ACFIC would also visit other sister African nations such as Nigeria and Cameroon.

Mr Kwamena Bartels, Minister of Private Sector Development and President's Special Initiatives, told the delegation that Ghana's conducive business environment stemmed from good governance that had led to the creation of peaceful atmosphere and a stable economy that presented the best climate for the private investor.

He said not only did the country's macroeconomic achievements make the environment conducive for private investors but also the provision of protective support for them.

Mr Bartels said Ghana would welcome trade and investments in the productive sectors such as agriculture, financial services and manufacturing, which would help to generate growth and create employment.

He elaborated on Ghana's tax incentives put in place for the private investor such as duty free importation of raw material for manufacturing in the country, and said these guaranteed a minimum returns on investment of about 25 per cent.

Mr Xie Boyang, the Vice Chairman of the ACFIC, said with a better understanding of the Ghanaian social and economic environment, the Federation was ever prepared to grab the opportunities available to invest in the country.

He said based on the China Africa Business Council (CABC), the Federation would assess the Ghanaian business environment and consider the areas mentioned as well as other sectors. 04 April 05

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