Business News of 2014-01-07

Chinese firm to invest over $2b in Shama industrial park

Chinese firm, Huasheng Jiangquan Group, is indicating it will invest over $2 billion for the construction of an industrial park in Shama in the Western Region.

Speaking to Joy Business from China after a meeting to conclude the agreement, Chairman of the Huasheng Jiangquan Group, Wang Ting Jiang said the firm is doing this because of Ghana's political stability.

Mr Jiang commended Ghana for the peaceful business atmosphere which, according to him, allows for investors to recoup their investments.

Plans to build an industrial park in Western Region are part of efforts to make Takoradi the second hub for industrial activates in Ghana apart from Tema. Construction on the economic industrial park is expected to begin in June this year.

About 5,000 direct jobs are expected to be generated from the construction of the park. Trade Minister, Haruna Idrissu, told Joy Business the move would open up the Western Region for more investments especially in the area of infrastructure and port development.

The $2 million investment project according to the Minister will not a government loan or government guaranteed loan, adding that "they (Chinese investors) are coming in purely as an investor".

"What they need from government is assurance of a facilitating role, which we have pledged will do", he added.