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Reflex Eco Group – Ghana news

by Samuel Boadi (Local journalist)

The Ghana Investment Promotion Centre (GIPC) yesterday signed a Memorandum of Understanding (MoU) in Accra with International Enterprises (IE) Singapore, an investment promotion agency under Singapore’s Ministry of Trade & Industry to leverage on the latter’s experiences and attract more investment into Ghana.

Mawuena Trebarh, Chief Executive Officer (CEO) of GIPC, commenting on the partnership, said it would engender fruitful business-to-business relations among Ghanaian and Singaporean investors and ultimately promote entrepreneurial opportunities.

She said some sectors which need immediate attention from Singaporean investors included agriculture, manufacturing, tourism and hospitality and also the power industry.

Teo Eng Cheong, CEO of IE Singapore, said Ghana is one of the fastest growing economies in the world with political stability, strategic location and abundant natural resources which presents itself as a good investment destination.

“There exist numerous investment opportunities in the agriculture, agri-business, manufacturing, oil and gas, ICT, infrastructure, energy and financial services for Singapore-based companies looking at setting up businesses in Ghana.

“With this MoU, International Enterprise Singapore will work with GIPC to encourage collaboration and promote meaningful business partnerships between Ghana and Singapore.”

The scope of collaboration under the agreement covers sharing information about business opportunities in Ghana, promoting business partnerships in key growth sectors, mutual support in business missions and facilitating capability development and training.

Singapore, with a per capita income of $60,000 and the 14th largest trading partner globallyrecorded US$800 billion worth of trade in 2012.

Trade between Ghana and Singapore is about $1 billion currently with investment totaling $250 million. Singapore’s investment overseas stands at about $300 billion.

Singapore companies in Ghana include Olam International, Crimson Logic and CWT.