Business News of 2014-03-16

Ningxia Province to invest in rice production at Weta

The Volta Regional Coordinating Council (VRCC) and the Ningxia Province of the Republic of China have entered into a bilateral agreement for the cultivation of rice on a large scale at the Weta irrigation site in the Ketu South District in the Volta Region.

Under the agreement, Ningxia Agricultural Development Group will invest in the 100 hectares acquired at the irrigation site.

Signing

The outgoing Volta Regional Minister, Mr Joseph Nii Laryea Afotey-Agbo, signed on behalf of the VRCC while the Vice-governor of Ningxia Province, Mr Fun Xing Guo, who led a 10-member Chinese delegation, signed on behalf of the Ningxia Agricultural Group.

The investment marked the concretisation of efforts initiated by the Agbogbomefia of Ho Asogli and President of the Volta Region House of Chiefs, Togbe Afede XIV, in conjunction with the Volta Region Development Agency, to attract investment into the region.

Prior to the signing of the agreement, several exchange visits had taken place between Ningxia and the Volta Region during which politicians, chiefs and businessmen visited China to sign letters of intent and to further explore collaboration between the two sides.

Togbe Afede

The Agbogbomefia expressed the hope that the Chinese would venture into other sectors such as tourism and unexplored mineral potentials including oil and gas deposits in the region.

Togbe Afede urged the Chinese investors to take advantage of the favourable investment climate in the country.

Ningxia Vice-Governor

The Vice-governor of Ningxia Province, Mr Fun Xing Guo, said the signing of the agreement was the first step for further cooperation and development of the region.

Earlier, Mr Afotey-Agbo expressed delight that the ceremony, which was initiated about three years ago, was being held.

He disclosed that a 4,000-hectare oil palm plantation had been cultivated in the northern sector of the region to create employment opportunities for the youth.

“This shows that what can be done in other regions can be done in the Volta Region too,” he said, and called for more investments in the region, giving an assurance that investors would experience good hospitality.