Emirates News Agency – Ghana seeks to deepen economic cooperation with UAE: President of Ghana

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DUBAI, 9th March, 2022 (WAM) — The President of Ghana, Nana Akufo-Addo, has expressed his country’s readiness to develop economic and trade cooperation with the United Arab Emirates in light of the growing bilateral ties between the two friendly nations , praising the UAE’s approach of constructive cooperation, and its remarkable development and prosperity in various fields and sectors. The African leader made the remarks while attending the ‘Ghana: Unlimited Business Opportunities’ forum which kicked off today with the presence of high level dignitaries including Dr Thani bin Ahmed Al Zeyoudi, Minister of State in charge of foreign trade.

Held at the Jafza One Convention Centre, Jebel Ali Free Zone, Dubai, the one-day business forum provided a platform for investors and business people from Ghana and Dubai to meet and explore viable and profitable business and investment opportunities.

It has also provided the two countries with an opportunity to strengthen their trade and investment ties, as well as explore new bilateral treaties that will benefit various sectors of their economies.

“Ghana is interested in deepening its economic cooperation and bilateral relations with the United Arab Emirates,” President Akufo-Addo said while highlighting Ghana’s promising investment opportunities available in various agricultural, industrial and mining sectors, in particular. more of its competitive advantages offered to investors in a stimulating sector. environment,’.

He pointed out that Ghana has grown to become one of the best African countries to do business with thanks to its strategic location, prolific natural resources and economic recovery programs, launched recently to deal with the repercussions of Covid- 19 and propel the country’s economy to new heights of growth. and development.

“Ghana is not only the best place to do business in West Africa, but also the fastest growing economy in the world according to the World Bank’s 2019 Ease of Doing Business Report,” he added.

The Ghanaian President underscored the importance of private sector engagement in supporting the economic growth of countries, adding that the “Ghana: Unlimited Opportunities Business Forum” presented an important opportunity to present to the community UAE business business climate and investment opportunities. available in Ghana.

He affirmed that Ghana is willing to establish long-term strategic partnership relations with the UAE, calling on UAE investors, companies and the business community to visit the African country and enjoy its facilities. distinguished.

Welcoming the President of Ghana and the accompanying delegation to the UAE, the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, stressed that the UAE and Ghana enjoy strong economic relations with the Ghana, founded on the principles of friendship, constructive cooperation and respect. for common interests, praising the keenness of both countries to take their distinguished relations to new levels.

Addressing the audience at the event, Al Zeyoudi said: “The UAE has always maintained warm and friendly relations with this West African partner and hosts events such as these which help to strengthen economic ties. between our two countries. The UAE ranks 7th in the world and 1st in the Arab world among Ghana’s trading partners. The UAE accounts for more than 4% of Ghana’s foreign trade with the world – and more than 75% of its total trade with the Arab world.”

“The value of non-oil foreign trade between the UAE and Ghana stood at US$2.7 billion in 2021, reflecting a growth of 25% compared to 2020 – and 56% compared to 2019. Additionally, Ghana is one of the most important African markets for the UAE’s non-oil trade,” the minister said.

“In terms of investments, the value of Ghanaian direct investments in the UAE exceeded $5.3 million at the end of 2019. The value of UAE direct investments in Ghana, meanwhile, stood at nearly $300 million, placing the UAE as the 9th largest source of FDI globally and the first in the Arab world,” noted Al Zeyoudi.

The event brought together Alan Kyerematen, Ghana’s Minister of Trade and Industry, Alhaji Ahmed Ramadan, Ghana’s Ambassador to the United Arab Emirates and Abdullah Mohamed Al Mazrouei, President of the Emirates Federation of Chambers of Commerce and Industry. Arab Emirates and President of the Abu Dhabi Chamber of Commerce. Trade and Industry and Walid Hareb Al Falahy, CEO of UAE Trade Center and Dubai Consultancy.

This is in addition to Yofi Grant, CEO, Ghana Investment Promotion Center, Omar Abdulaziz Khan, Director of International Offices at Dubai Chamber of Commerce and Industry, Ahmad Al Haddad, COO of DP World, Essa Al Ghurair, Chairman of Essa Al Ghurair Investment and Member of the Dubai Chamber of Commerce and Industry and Jamal Saif Al Jarwan, Secretary General of the International Council of Investors of the United Arab Emirates.

The event also hosted several CEOs, managers of a number of local government and private economic activities and representatives of the Ghanaian business community.

During the one-day forum, the UAE and Ghana signed five Memoranda of Understanding (MoU). The first was signed between the Ghana Investment Promotion Center (GIPC) and Dubai Consultancy (DC) to establish a presence in the UAE and set up a GIPC office in the country in cooperation with DC to promote and attract investment to Ghana. This is in addition to another Memorandum of Understanding between the UAE Ministry of Economy and the Ghana Ministry of Economy to enhance economic and technical cooperation. The UAE International Investors Council and the Ghana Investment Promotion Center have signed the third Memorandum of Understanding to facilitate the attraction of investment from the UAE to Ghana. The fourth MoU was signed between the Federation of UAE Chambers of Commerce and Industry and the Ghana National Chamber of Commerce to establish the UAE-Ghana Business Council, in addition to another memorandum of understanding. agreement on technological equipment and information exchange with investment opportunities between the two countries.

The forum kicked off with a session on opportunities in Ghana’s manufacturing and tourism sectors, in addition to another panel discussion on opportunities available in the energy, sanitation and housing sectors in Ghana. Both sessions highlighted the promising investment opportunities in Ghana’s vital sectors as well as its most significant incentives and competitive advantages offered to investors, its flexible legislative environment and its strategic location which make it a gateway to Africa.

According to World Bank data, Ghana, with a GDP of $68.5 billion, is West Africa’s second largest economy. Ghana is also rich in resources and has been ranked Africa’s top producer of gold, second largest producer of cocoa and also produces significant amounts of oil, bauxite, manganese and other minerals.

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