Israel to double investment

The Israeli Foreign Minister Avigdor Lieberman said his country is seeking to double its investments in the country to over US$800million by next year.

Speaking at the Israel-Ghana Business and Investment Opportunities Summit in Accra, Mr. Lieberman, who is on a two-day official visit to Ghana, said relations between both countries have been very cordial and friendly.

“We have enjoyed good economic relations and I am talking about a US$400million investment in Ghana’s economy. Construction, agriculture and training of experts through MASHAV, our agency for international development cooperation, have been the main areas of investment in Ghana.

“We are looking at doubling our investment, and that is one of the reasons I am here with a strong business delegation,” he added.

The Israel-Ghana Business and Investment Opportunities Summit provides an opportunity for both Ghanaian and Israeli businesses to interact and explore ways of enhancing the economic relationship between the countries.

About 50 Israeli businesses are in the country to seek partnerships with their Ghanaian counterparts in agriculture, construction, and technology.

Hanna Serwaa Tetteh, Ghana’s Foreign Minister, said she hopes the summit’s outcome will be beneficial to both countries.

She explained that economic relationships between the countries have developed very well.

“We have gotten to a situation where we have been able to attract a significant amount of investment from Israel. A number of Ghanaian students have had the opportunity to study at Galilee College in Israel. We have had student exchange programmes for a good number of years, so we have a good relationship that I hope can grow further.”

Both foreign ministers also signed two memoranda of understanding. The first MoU seeks to allow spouses of staff in both missions to work in the countries of residence, which is very important to support families. The second is a joint declaration that essentially summarises key outcomes of the Israeli foreign minister’s visit to Ghana.

Ms. Tetteh added that Ghana is working to quickly conclude other trade agreements which will allow further investment opportunities for Israel in Ghana.

“We are looking to conclude other trade agreements as quickly as possible: like the agreement for the promotion and protection of investments, and an agreement for the avoidance of double taxation. These agreements, when signed, will further pave the way for bigger and better investments opportunities in the country,” she added.

The Israel Ambassador to Ghana, Sharon Bar-Li, said as the “technology start-up nation”, Israel is ready to support Ghana develop its fast-growing information technology sector.

By: Bernard Yaw ASHIADEY| thebftonline.com| Ghana