Egypt to establish Trade and Investment office in Ghana

Accra, Sept. 22, GNA - Egypt is to establish a trade liaison office in Ghana following a successful first solo Egyptian exhibition in the country. Announcing this in an interview with the Ghana News Agency in Accra on Wednesday, Mr. Moneim Talaat, Egyptian Ambassador, said his country has invited Ghana to the Egypt International Trade Fair and Forum early next year.

Mr Talaat said "we have donated a free stand for Ghana to exhibit her products and take part in a forum, where she could outline the investment potential and procedures Ghana requires from investors." These form part of a comprehensive trade, investment and technical co-operation between the two countries.

Other areas to be covered under the programme are technical collaboration in tourism, communication, energy and foreign affairs and greater interpersonal contacts between peoples of the two countries.

Mr Talaat said the Accra exhibition, which featured household items, carpets, electronic goods, pharmaceuticals, leather and textiles among others, is a step towards the achievement of a major breakthrough in relations between the two countries.

Giving an overview of the exhibition, Mr Talaat said Ghana and Egypt have strong historical ties that needs to be translated into concrete terms to the benefit of their peoples through economic and social activities.

He described the event as a 'success', adding that in this regard, a liaison office is to be established in Ghana with a representative to see to the 'bonding' of Egyptian and Ghanaian markets.

He expressed confidence that the two countries would maintain the momentum thus created and ensure that more of such interactions will be made manifest.

He congratulated Ghana for its political stability and the vigorous efforts at improving socio-economic standards in the country. "Egypt is at the moment focussing heavily on building stronger ties with her African neighbours.

The embassy has a programme to project Ghana as a gateway for Egyptian and North African businesses and investment. He said Egypt would soon sign an agreement on trade and investment with Ghana to facilitate easy business transactions for Egyptian goods and services, trade and investment and less cumbersome customs procedures.

"The same will be secured for Ghanaian businessmen and investors seeking entrance into Egypt. "We also intend to look at the possibility of opening up air links between Egypt and Ghana and I believe Ghana Airways and Egypt Air can fashion out an arrangement to facilitate this idea".

Presently, Egypt Air has two weekly flights to Accra while Ghana Airways does not fly to Egypt. Touching on the volume of trade between them, Mr Talaat said it does not reflect the capability of the two countries, saying it stems from the lack of knowledge on both sides.

The value of trade between the two countries is about 200,000 dollars a year. "This exhibition is an eye-opener on what pertains in Egypt and what Ghana can offer, as some of the exhibitors must have made some contacts.

"In a few months, we shall witness an increase in bilateral trade and investment." Mr Talaat said a group of exhibitors have landed contracts, secured agents to represent their products among other things.

"A company has made contact to manufacture toothbrushes while some have had final orders and others have decided to stay on and market the products themselves".

He noted that, the other emphasis of the exhibition was for the exhibitors to look at establishing manufacturing plants in Ghana as well as help in the transfer of technology.