Umar Shahid Butt, the Vice Consul General of Ghana, met with Chaudhry Shafay Hussain, the Provincial Minister of Industry and Commerce.
During the meeting in the Punjab Investment Board committee room, they discussed ways and means to increase bilateral trade cooperation between the two countries.
Provincial Minister Chaudhry Shafay Hussain said we should promote mutual relations and exchange frequent trade delegations, as there is a vast scope for foreign direct investment in Punjab.
He added that Ghanaian investors can invest in Punjab’s industrial hubs, which have the best incentives. He also informed that Punjab is also developing a garment city on an area of 2,000 acres.
He emphasized the need for practical steps to strengthen ties between the Chambers of Commerce and other trade bodies on both sides.
There are vast opportunities for Pakistani textile exports in Ghana. At the same time, Ghana can cooperate in the mining and farming sectors, the Honorary Vice Consul General of Ghana, Umar Shahid Butt, said during the meeting.
He informed that imports form a significant proportion of Ghana’s trade activities. Specifically, commodities derived from the manufacturing, agricultural, and mining industries have contributed to the import trade.
Ghana’s total goods imports amounted to almost 15 billion dollars, and vehicles and machinery represented the main import category compared to other goods.
Umar Shahid Butt said that gold, crude petroleum oils, cocoa beans, coconuts, cashews, and cocoa paste are the key products exported from Ghana. The nation continues to expand its capacity in gold, oil, and cocoa bean production.
Mr Butt said that over the last two decades, Ghana has enjoyed increasingly stable and deepening democratic governance. Seven successful elections have strengthened the effectiveness of key national institutions, enhanced investor confidence and anchored the economy in an environment for positive growth.
Ghana is not only the best place for doing business in West Africa, but the fastest growing economy in the world according to the World Bank’s Ease of Doing Business Report 2019. The country has developed into an established business destination for investors seeking a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations and a dynamic private sector ready for partnerships.
The minister said that Punjab has a robust and broad-based economy. It accounts for about 60% of the country’s gross domestic output. Punjab has been Pakistan’s main driver of economic growth. The Government of Punjab has supported this growth process through substantial investments in infrastructure such as irrigation, roads, water supply, urban services, and social services such as education and health.
He said that to accelerate economic growth and ensure that its benefits reach all classes of society, we have formulated a coherent strategy that underpins all public sector investments and provides an enabling environment for the private sector.
He added that the Punjab government has prepared a strategy for accelerating economic growth and improving service delivery. The plan provides a broad framework for implementing specific policies, programs, and projects.
He added that the government’s agenda will put Punjab on a solid path to economic prosperity and growth.
Jalal Hassan, the CEO of the Punjab Investment Board, was also present at the meeting.
