President Pranab Mukherjee today made a strong pitch for Indian private sector investment in Ghana, saying economic cooperation between the two countries should move beyond Government funded projects.
Addressing the India-Ghana Business Forum meeting here, the President said India is one of the few countries where Small and Medium Enterprises thrive alongside large conglomerates, creating jobs and ensuring wealth distribution on one hand and infrastructure development, indigenisation and external business linkages, on the other.
"Indian entrepreneurs know that developing countries need to prioritise relevant and eco-friendly technologies that are in sync with the state of economic development of the country as well as its social needs," he said.
Mukherjee, the first Indian President to visit the West African nation, said we have learned that calibrated foreign investments are the key to rapid growth in a developing nation.
"Indian businesses have learned adaptability and would be happy to share their experience with their Ghanian counterparts," he said at the meet organised by the Confederation of Indian Industry and the Association of Ghana Industries and Ghana Chamber of Commerce and Industry.
The President said he was glad to note that the bilateral trade is in favour of Ghana.
"However I would encourage the Ghanian entrepreneurs to diversify and expand their exports to India. During the third India-Africa Forum Summit in October last year in New Delhi, India earmarked USD 10 billion for diverse projects in Africa and capacity building efforts. Government of India looks forward to working with Ghana to identify projects for utilization of these funds in Ghana," he said.
Recalling ties between the two countries, the President
said relations between the two countries transcend political ideologies and geographical space.
"Government of India has been happy to extend assistance to Ghana through grants and Lines of Credit, despite her own resource constraints. Our economic cooperation can be extended further-beyond government funded projects.
"With the active involvement of Government of Ghana and organisations such Ghana Investment Promotion Council, we could together identify viable projects for the Indian private sector to invest in Indian multi-national companies are active and successful in several countries in Africa and would be more than happy to come to a friendly country like Ghana.
"They recognise that Ghana is the first sub-saharan nation that marched ahead to become a lower middle income country," he said.
Mukherjee said Indian private sector appreciates the peaceful, secure and stable environment of Ghana, which is a critical requirement for any investor.
"The Indian private sector is equipped with funding capacity as well as appropriate technologies. They stand ready to work with their Ghanian counterparts as partners for mutual benefit. The private and public sectors on both sides should take advantage of the desire and commitment of the two governments to deepen their mutual economic stakes," he said.
Investment in Ghana is substantial, nearly three billion dollars in various sectors like IT, Pharmaceuticals and other areas which is up by nearly three times. Ghana's main trade with India consists of gold imports, it's nearly 80 per cent of total trade.
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Lauding India's prowess in business, Mukherjee said: "Brand India is a trusted name today across the developing as well as the developed world."
"It is trusted because it adds value to the resources of the host countries; it is welcomed because it works and grows together with the local companies; it brings appropriate technologies which create jobs and has the adaptability to absorb local talent; it rejuvenates and invigorates local industry without constraining their growth in any way," he said.
The president said wherever there is a possibility for public-private-partnerships, the Indian government will not hesitate to support such projects to further strengthen the excellent bilateral relations between our two countries.
He said with the active involvement of Government of Ghana and organisations such as Ghana Investment Promotion Council, we could together identify viable projects for the Indian private sector to invest in.
"Indian multi-national companies are active and successful in several countries in Africa and would be more than happy to come to a friendly country like Ghana," he said.
