Barbados PM discuss investment opportunities in Barbados with Ghana’s private sector
Head of Government business of the Republic of Barbados, Prime Minister Mia Mottley, has had enlightening discussions with Ghana’s private sector on the numerous investment opportunities in Barbados and the Caribbean at large.
Prime Minister Mia Mottley speaking at the Ghana-Barbados Business Roundtable held under the auspices of the Ghana Investment Promotion Centre (GIPC), on Monday, March 7, 2022, said she believes there are various investment opportunities for both countries to benefit from.
She touched on sectors such as finance, financial technology, tourism, health and biotechnology, and renewable energy as areas the private sectors of both countries can invest for the mutual economic growth.
“”I genuinely believe that there are several investment opportunities for both countries, opportunities to trade are great given the diversity of the businesses (private sector) I see sitting around this table (sic).
“As governments on both sides, it is our moral obligation to build the bridges that will allow you to travel to both sides and do business. And with that being said, there is no justification for there not being a direct trading and travel routes between the Caribbean and Africa, that is something we must look at and fix (sic),” she stated.
Adding to the remarks of Prime Minister Mia Mottley, was the Ambassador to the Carribbean Community, David Commisiong, who noted that Barbados is the economic hub of the Carribbean and as such the Ghanaian private sector can easily connect to the economy of the Caribbean.
“Barbados is the head of the commercial market and economy of the Caribbean, and so Ghanaian businesses can connect with the Caribbean and its economy by investing in Barbados,” he stated.
GIPC to partner Invest Barbados
In furtherance of the investment opportunities to be explored by the private sector of both countries, the principle investment agencies of both countries will in the coming weeks engage on how to promote investments in their respective countries.
Invest Barbados is expected to first pay an official visit to Ghana which will then be reciprocated by the GIPC.
GIPC targets $4bn in annual FDI
Also speaking at the Business Roundtable was Deputy Chief Executive Officer (CEO) of the GIPC, Yaw Amoateng Afriyie, who averred Ghana, due to its host of the Secretariat of the African Continental Free Trade Area (AfCFTA), will serve as a spring board for Barbadian businesses to enter the markets of other African Countries.
According to him, the GIPC is expecting to rake in some $3-$4bn annually starting from this year to 2024.
Given the desire of Barbados to invest in Ghana, foreign investment flows from Barbados is expected to help the GIPC attain its annual target of $3-$4bn.
With a Gross Domestic Product (GDP) of $4.45bn, Barbados is the most politically stable country in the Caribbean, it has the most sophisticated technology and communication services in the Carribbean.
