GIPC and Dubai South sign MoU to accelerate economic ties and bilateral trade

The Ghana Investment Promotion Centre (GIPC) has signed two separate memoranda of understanding (MoU) with the Dubai South Logistics District to promote all-around economic cooperation, bilateral trade and investment.

Through this agreement, the two parties aim to create an attractive environment for SMEs and encourage the exchange of trade missions with all-rounded preparation, including assistance with business programmes, facilitating corporate networks and information exchange between the two authorities.

They will also engage in the establishment of e-commerce, humanitarian and perishable parks in the country.

Yaw Osafo-Maafo, the senior presidential advisor to the president, speaking at the signing in ceremony on the sidelines of the Dubai Expo 2020, commended the chief executive officer of GIPC, Yofi Grant for leading the delegation to participate in the expo.

Ghana’s participation in the expo is guided by the sub-theme ‘limitless opportunities’ aimed at highlighting the huge investment potential in critical sectors.

He said Ghana was better positioned to be the investment hub for Africa because the African Continental Free Trade Area (AfCFTA) was in Accra, Ghana.

He said this means that whoever invests in Ghana has at its disposal a market size of 1.2 billion people with 54 countries.

“So, Ghana is not only in the middle of the world but is positioned to attract investment for the rest of the world,” he added.

Grant said the Expo presented a wonderful opportunity to outdoor Ghana’s many opportunities to investors around the world.

He also said, “The country’s participation in the Expo will promote government’s priority sectors, comprising housing and construction, manufacturing, technology and digital economy, tourism and creative arts, agriculture and agro-processing as well as health.”

Ghana has officially become the “Commercial and Trade Hub of Africa, as it hosts the Secretariat of the African Continental Free Trade Area – hailed as the world’s largest free-trade bloc.

Grant said the two countries have had a good relationship and diplomatic relations were now improving with the opening of the United Arab Emirates embassy in Accra in 2017, which has been very engaging bring businesses to Ghana and opening of Ghana’s Embassy in Abu Dhabi in 2018.

He said economic cooperation had also been very significant with the opening of the Office of the Dubai Chamber of Commerce in 2015 and several other visits between the two countries on economic and business levels.

Grant said with Ghana signing onto the AfCFTA, it had taken the opportunity to ensure that it reposition itself with the relevant reforms and attractive opportunities.

The GIPC boss said Ghana was a strategic market for Dubai and a gateway for UAE companies to enter attractive West African markets, not just West African Markets but also African markets as well.

He said some of the reasons why people needed to invest in Ghana, include democratic governance and political stability, the ease of doing business, human capital advantage, vast natural resources, Ghana’s geographical location, very good trade logistics, good enabling and competitive business environment to facilitate trade.

“We have a great hospitality and a welcoming attitude towards our visitors,” he said.

Mohsen Ahmad, chief executive officer of Dubai South Logistics District, said: “It gives us immense pleasure to ink a bilateral agreement with GPIC to promote a lucrative environment for SMEs to prosper and strengthen economic ties.”

He said the leadership had chalked an effective, long-term strategic road map and it was their time as industry leaders to lay the foundation for both communities to achieve optimal results.

Ahmad said the agreement was on the heels of the mega event, Expo 2020 Dubai, which sought to pave the way for a resilient global economy and enable robust business connectivity.

He said the MoU would create an attractive environment for small-medium enterprises and encourage trade missions and bilateral trade and investment.

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