In an official report after their landmark meeting, President of the Chamber of Commerce and Industry of the Russian Federation, Sergey Katyrin, and the Member of the Foreign Affairs Committee of the Parliament of Ghana, Samuel Okudzeto Ablakwah, have discussed the current state and future prospects for developing bilateral economic cooperation between the countries.
During the meeting, Katyrin shared information about activities of the organization. In particular, he said that the regional chambers together with representative offices form a “business support infrastructure network” – covering more than 350 cities and municipalities. More than 70 business councils operate to establish cooperation between entrepreneurs from different countries.
He underlined the basic fact that the Russian Federation and Republic of Ghana have very great potential for the mutual development of business contacts. And he noted that between January-May 2023 trade between the countries increased by 40.3%, amounting to US$162.5million. For further growth, according to him, it is necessary to intensify information exchange so that business know well the possibilities of entering the partner country’s market and rules for working in it.
“In further work with partners from Ghana, we proceed from the significant potential for cooperation in such areas as energy, subsoil use, geological exploration, metallurgy and pharmacology. At the same time, the regional component of cooperation can play an important role in the development of bilateral trade and economic relations,” Sergey Katyrin said.
Katyrin told them that his chamber together with AfroCom is ready to assist in establishing contacts with Expocentre JSC, which hosts about 100 international exhibitions annually. He clarified that the events’ scale makes it possible to present not only the products of individual companies, but also the economic potential of states in general.
Member of the Foreign Affairs Committee of the Parliament of Ghana, Samuel Okudzeto Ablakwah, said that Ghana is a stable and secure country, and this opens up an opportunity to attract foreign investment and develop trade with other countries. According to him, Ghana with a population of about 30 million people can be “the gateway to West Africa” where about 250 million people live, and subsequently to the entire continent.
“One of our goals is to achieve an increase in the presence of the Russian Federation in the markets of Ghana. We want to develop trade on terms of equal partnership,” he said. Among the priority areas for cooperation with the Russian Federation, the parliamentarian named development of mineral deposits, extraction of hydrocarbons and gold.
According to the discussion, both parties expressed mutual interest in strengthening bilateral economic ties by maintaining political dialogue, boosting trade and investment cooperation, and exploring opportunities with high-tech Russian companies.
The bilateral meeting also noted the possibility of undertaking a number of large investment projects in the Republic of Ghana with the participation of Russian companies, while reaffirming their commitment to searching for priority strategic sectors and maintaining contacts between Ghana and Russia.
Vice-President of the Chamber of Commerce and Industry of the Russian Federation, Vladimir Padalko; the Chairman of the Coordinating Committee for Economic Cooperation with African Countries (AfroCom), Igor Morozov; and the Deputy Chairman, Olga Morozova, participated in the meeting from the Russian side. The Coordinating Committee for Economic Cooperation with African Countries (AfroCom), established in 2009 under the Russian Chamber, is a partner in strengthening ties between Russia and African countries.