Investment promotion should be shared responsibility – Hannah Tetteh

Madam Hannah Tetteh, Minister of Foreign Affairs and Regional Integration, has noted that investment promotion should be a shared responsibility in order to improve the economic development of the country.

She said it is important to maintain international relations and working hard to collaborate with foreign missions to promote investment in a mutual environment.

Ms Tetteh made the observation at the opening of a Canadian Trade Mission meeting with Ghanaian stakeholders, on Thursday in Accra.

She said in order to for any investment venture to succeed there is the need to develop infrastructure and respect for the rule of law.

“This meeting should be that which would negotiate a framework for the promotion of local content, develop assistance and corporation that would help the vulnerable in the society and create social balance,” she added.

Ms Tetteh said work has started on the bilateral investment treaty, and was expected to be completed soon.

She said there is the need for the combination of measures to avoid double taxation agreement.

Mr Ed Fast, Canadian Minister of International Trade and Minister for the Asia-Pacific Gateway said Canada is keen to expand its evolving partnership through enhanced trade and investment.

He said Ghana has a strong democratic tradition, solid economic growth and diplomatic and political influence in the Region.

Mr Fast said he was pleased to see Ghana emerge as a middle income country, a real testament to the prudent management of its economy, its resources, and its commitment to good governance.

“We look forward to working together to enhance bilateral trade and investment, and by extension, to create jobs and growth in both … countries.”

He said in order to ensure solid framework to achieve bilateral trade, Canada, is currently negotiating various agreements, including a foreign investment promotion and protection agreement, or FIPA.

“A FIPA would provide greater predictability and certainty for both Canadian and Ghanaian investors considering investment opportunities in either of our countries.

“It would also attract more companies to take advantage of Ghana’s position as a service hub for West Africa,” he added.

Mr Fast noted that Canada is a leading mineral-producing nation, with production value estimated at $50.3 billion in 2011, and was one of the top four countries in the world in the production of 11 major minerals and metals.

He said Canadian mining companies are among the most productive in the global mining industry while the sector has extraordinary reach.

Mr Fast said Canadian mining companies have interests in more than 8,000 properties in 100 countries.

“It is my understanding that there are already more than 20 Canadian mining companies with interests in Ghana, with assets valued at almost $3 billion, and that many of the active concessions here involve Canadian companies.”

He indicated that Canadian mining companies, including those on the Mission, create jobs and economic development in the countries where they operate and are also committed to the principles of corporate social responsibility.

“As a government, we strongly encourage Canadian companies operating abroad to respect all applicable laws and international standards, to operate transparently and in consultation with host governments and local communities, and to conduct their activities in a socially and environmentally responsible manner,” he said.

Mr Fast observed that trade is key to sustainable recovery and called for slashing of barriers and fighting protectionism.

Source: GNA