Spanish investors on tour

A 22-member Spanish investment mission is in the country to explore investment opportunities and forge partnership with some Ghanaian investors.

The Spanish delegation, representing 22 companies, has started holding discussions with 60 Ghanaian companies.

The tour is under the auspices of the Spanish Foreign Trade Institute (ICEX) and the Centre for the Development of Enterprise (CDE) of the European Union in collaboration with EMPRETEC Ghana Foundation.

The areas of interest of the Spanish companies are construction, wood, engineering and industrial equipment sectors.

Speaking at the delegation?s meeting with Ghanaian businesses, a Deputy Minister of Finance, Mrs Grace Coleman, said the interaction marks another milestone in the growing relations between Ghana and Spain.

She said between 1996 and this year, the Spanish Government has extended soft loans worth US$122.6 million and has promised more assistance to Ghana.

She said government recognises the Spanish Government?s commitment to the growth and the development of Ghana?s private sector, which she noted is manifested through the sponsorship of trade missions and participation in trade fairs.

Mrs Coleman noted that the government is determined to make the private sector the prime mover of the economy and that reforms are being undertaken in customs procedures, the legal system and the stabilisation of the economy to achieve this objective.

She disclosed that negotiations for a treaty that seeks to promote and protect investment between Ghana and Spain will soon start and be concluded in the first quarter of next year.

The Spanish Ambassador to Ghana, Mr Fernando del Corral, said Ghana is a good investment destination because of its stable political environment.

He said this serves as an incentive for the Spanish companies to undertake the investment trip.

The Economic and Commercial Councillor of the Spanish Embassy responsible for West Africa, Mrs Alicia Varela, said great opportunities exist for the Ghanaian companies involved to access capital through such business co-operations.

The Chief Executive Officer of EMPRETEC Ghana Foundation, Dr George Manu, said unlike its other trading partners, Spain has almost equal terms of trade with Ghana.

He noted that Spain is the ninth largest economy in the world and the Ghanaian companies can draw a lot of benefits by doing business with them in areas such as capital, technology and access to external markets.