UAE trade team explores investment opportunities

AN eight-member trade and investment delegation from the United Arab Emirates (UAE) is in the country to explore trade and investment opportunities.

The delegation, made up mainly of representatives of some companies located at the Jabel Ali Free Zones Enclave (JAFZA) in Dubai in the Middle East, are to find ways of establishing trade partners in Ghana as well as seek the possibility of harnessing opportunities at the Ghana Free Zones Enclave for the mutual benefit of both countries as well as strengthening bilateral relations with Ghana.

The delegation has already visited Nigeria and will visit Senegal as part of measures to explore the West African business environment.

At a meeting with a cross-section of the Ghanaian business community, the Director of the Ghana Investment Promotions Centre (GIPC), Dr Peter Ankrah, asked the delegation to take advantage of the promising investment opportunities in the country, which he said, are backed by investment friendly laws.

He said in view of the common economic and geographical similarities among the two countries, Dubai should make the effort at becoming one of the leading countries with Foreign Direct Investment in the country.

Dr Ankrah gave the assurance that “the GIPC is prepared to assist in any project that they might want to venture into”.

Mr Walid Mohammed Hareb, the leader of the delegation, said their visit was informed by the fact that Ghana is one of the safest places in West Africa for business.

He said the geographical location of the country is very appropriate, saying it is at a central point and could serve as an advantageous business hub for the West Africa market.

He also briefed the business community about investment opportunities at the JAFZA, which according to him, currently harbours more than 2,400 with 100 per cent foreign ownership and repatriation of profits with no currency limitations.

He said although, Dubai imports about 85 per cent of its precious metal needs from Ghana, four per cent chemical products and eight per cent leather articles, there is no formal trade agreement to back the trade links and said this was another possibility, worthy of consideration.