Ghana: Visiting Shandong Province Delegation Holds Discussion With GIPC, GCCI

A twenty-four member economic and trade mission from the Shandong Province in China, have held a meeting with officials of Ghana Investment Promotion Centre (GIPC) and some members of the Ghana Chamber of Commerce and Industry (GCCI) in Accra.

The business delegation that were on a three-day tour of Ghana to explore investment opportunities had Shandong companies in the textiles, tyres, construction and the rubber industry players as part of the team.

The delegation led by Lia Xiaojiang, a Vice Chairman to China Council for Promotion of International Trade (CCPIT) said the mission was to find areas of investments while touring the country.

He said the province saw Ghana as an important trading partner since the President, Nana Akufo-Addo and the First Lady visited Shandong to establish Ghana Trade and Investment Office there to enhance close economic cooperation.

Shandong Province is a large coastal province in eastern China with a great share in China's economy with regards to agriculture, industry and culture since it was the birthplace of Confucius and Confucianism, Mr Xiaojiang said.

He added that in 2018, the province achieved a total Gross Domestic Product (GDP) of about 1.11 trillion US dollars up by 6.4 per cent over the previous year, adding that the total imports and exports volume reached 280.8 billion U.S dollars with overseas investment standing at 7.3 billion U.S dollars up by 25.7 per cent over the previous year.

Mr Xiaojiang said investment in Ghana kept increasing since industries such as Motor King Assembly Plant and many others had invested in the country, adding that, the province had come to Ghana with business opportunities to expand its economic cooperation with Ghana.

Mr Ashong Lartey, Director for Investor Services of GIPC, said the country had a stable political environment within the West African sub-region with established democratic institutions and systems to ensure good governance in the country.

He said investors were free to implement their projects by importing the relevant plant, machinery and equipment adding that, zero-rated and concessionary duty items could be cleared automatically and directly through the Customs Division of the Ghana Revenue Authority (GRA).

Mr Lartey said under Section 26(4) of the GIPC Act 865, specific incentives and packages might be negotiated for, while additional incentives and benefits were available under various legislations.

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