LAHORE: Ambassador of Ghana Eric Owusu Boateng has invited the Pakistani business community to step into joint ventures with the counterparts in Ghana.
He was speaking at the Lahore Chamber of Commerce and Industry. LCCI President Kashif Anwar welcomed the Ambassador while Senior Vice President Zafar Mahmood Chaudhry and Vice Consul, Consulate of Ghana Umer Shahid Butt also spoke on the occasion.
The Ambassador said Ghana had vast investment opportunities which should be availed by Pakistani investors, adding Pakistani investor could avail benefit from pharmaceuticals, textiles, garments, tourism and others sectors in Ghana.
He said the business community of both the countries should make joint efforts to explore trade and investment opportunities, adding the exchange of trade delegation and participation in exhibitions and trade fairs could help boos mutual trade and economic ties. He also called for direct flights between the two countries.
LCCI President Kashif Anwar said the business community considered Africa a great potential market in line with Government of Pakistan’s ‘Look Africa’ initiative. He said Pakistan enjoyed cordial relations with all the African States and was equally keen to build up trade & economic relations with Ghana.
LCCI Senior Vice President Zafar Mahmood Chaudhry said Ghana was an important and emerging economy of Africa with GDP nearing 80 billion dollars and with international trade volume ranging around 32 billion dollars.
He said Pakistan and Ghana were steady trading partners and over the years, the market of Ghana had proved to be a good destination especially for Pakistani exports.
He said that according to trade data taken from the website of State Bank of Pakistan, the worth of total exports from Pakistan to Ghana was 39.6 million dollars in 2020-21 that increased to 56 million dollars in 2021-22. During the same period the imports from Ghana which were already very negligible came down to 1.9 million dollars from 2.4 million dollars.
He said “if I share the trade figures of 11 months of just concluded financial year (i.e. Jul 2022 to May 2023), there has been more than 50 percent dip in exports during the 11 months of financial year July 2022 to May 2023 that resulted in bringing them down to 24.4 million dollars. We need to maintain consistent rise in exports to Ghana to be able to take that to at least 500 million dollars. It is not possible without your kind guidance and assistance.”
LCCI Senior Vice President said pharmaceutical sector deserved a special mention as Pakistan had made great strides in that sector. “The total imports of Ghana in pharmaceuticals were to the tune of 215 million dollar in 2022 while Pakistan’s share was just around 1.45 million dollar. Last year, Ghana imported meat amounting to 303 million dollars, footwear worth 274 million dollars and frozen fish around 194 million dollars.”
Copyright Business Recorder, 2023
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