Three Chinese firms to invest in Ghana

The Ministry of Trade and Industry has signed a memorandum of understanding with three Chinese companies of global acclaim under which the companies are committed to making a multi-million dollar investment in the country.

The companies are Complant, an accomplished paper and pulp company, Konka Group Company Limited, an electronics manufacturing firm and Gallop Jewellery Company Limited, a famous Chinese jewellery company.

The Minister of Trade and Industry, Dr Kofi Konadu Apraku who disclosed this on his return home from China, where he led a business delegation pointed out that the deal would yield many benefits to the nation, including technology transfer, job creation and better income for the people. According to Dr Apraku, the three companies have already given a firm commitment to send their representatives to Ghana before the end of the year to finalise details for their entry into the Ghanaian economy.

"This is a demonstration of the seriousness with which the Chinese investors are taking this deal to locate in Ghana which is fast becoming the gateway to business and investment in the West African sub-region "he stressed. The Trade Minister also extended an invitation to three Chinese cities namely, Shanghai, Guanzhou and Shenzen to send trade delegations to Ghana to explore the vast trade and investment opportunities in the country.

"All three cities have agreed to respond to this request as quickly as we are ready to receive them", he stressed. Dr Apraku reiterated the determination of his ministry to make Ghana the preferred destination for trade and investment on the African continent.

?The Ministry of Trade and Industry stands in readiness to render the requisite levels of assistance to all individuals, groups and firms both local and foreign, that are ready to undertake genuine trade and investment in the country? he said.

Shedding more light on the Chinese deal, Dr Apraku explained that Complaint is ready to invest $105 million in a paper and pulp project at Subri in the Western Region. Konka Group, he said, is to set up a plant in the country to produce the company?s brand of television sets for local consumption as well as for export to countries in the sub-region and the European market.

Gallop Jewellery, according to the Trade Minister is to invest in the state of the art technology to refine gold, diamonds and bauxite which the country had, hitherto, exported in the raw form.

?These would not only provide more job avenues for the people but would also add more value to these products and increase the amount of foreign exchange the country can earn to help in the national reconstruction effort?, Dr Apraku pointed out.