Ghana, Saudi Arabia Close to Signing Deal Banning Double Taxation

27.01.2020 - Riyadh - Fatehelrahman Yousif - Ghana is close to signing an agreement with Saudi Arabia banning double taxation, said Ghanaian Minister of Foreign Affairs and Regional Integration Shirley Botchwey.The Minister announced her countrys des...

27.01.2020 - Riyadh - Fatehelrahman Yousif - 

Ghana is close to signing an agreement with Saudi Arabia banning double taxation, said Ghanaian Minister of Foreign Affairs and Regional Integration Shirley Botchwey.


The Minister announced her country's desire to enhance economic relations with Saudi Arabia, urging the Kingdom’s businessmen to make Ghana their preferred investment destination in Africa.


Ghanaian President Nana Akufo-Addo is expected to arrive in Saudi Arabia on a two-day state visit on February 7 to discuss bilateral relations. 


Botchwey, who is currently in Saudi Arabia, met with chairman of the Council of Saudi Chambers (CSC) Sami Abdullah al-Abaidi, Vice-Chairman Abdullah al-Odaim, Saudi Ambassador to Ghana Meshal al-Rouqi, and Ghanaian Ambassador to the Kingdom Taher Bembali.


During the meeting at the CSC headquarters in Riyadh, Botchwey pointed that Ghana as a peaceful and stable country offers a gateway to the entire West African market for the investment interests of Saudi Arabian industries.


She called on Saudi investors to benefit from the “Factory for Each Province” initiative, along with the initiatives of the agricultural sector, where 60 percent of the land is arable.


Botchwey stressed her country can provide Saudi investors with access to promising African markets.


Bembali told Asharq Al-Awsat that bilateral relations between the two countries go back to the 1960s, as Ghana was one of the first states from sub-Saharan Africa to establish an embassy in Saudi Arabia.


Ghana and the Kingdom need each other and need to strengthen political and economic relations by improving trade and investment ties, added the ambassador.


He indicated that Ghana is a very important country in West Africa, and Africa as a whole, because of its political stability and good investment climate, adding that it is looking forward for the Saudi Investment Fund to consider Ghana for its investment initiative abroad.


In addition, Abaidi hoped the new collaboration will strengthen economic relations between the two countries, noting that trade exchange increased from $24.5 million in 2009 to $82.4 million in 2019.


He stressed that both Riyadh and Accra want to increase trade exchange and benefit from the Saudi Export Support Bank, in addition to enhancing cooperation between small and medium enterprises (SMEs) in both countries.


Abaidi revealed there are promising opportunities for cooperation between Saudi Arabia and Ghana in the mining, food, and agricultural sectors and a possibility for cooperation in targeting African markets from Ghana.


He asserted that the Saudi business sector is ready to invest in Ghana, announcing the council’s intention to organize a visit to Ghana and see available investment opportunities.


Original Source: https://aawsat.com/english/home/article/2101571/ghana%C2%A0saudi-arabia%C2%A0close-signing-deal-banning-double-taxation

[Author:Gerard]