Leading Ghanaian investors indicate strong interest in Thailand
High level delegation sees several trade and investment opportunities between the two countries
published : 30 Nov 2022 at 16:18
Leading investors from the Republic of Ghana that established the Asian African Corporation have asked Thailand to transfer its sufficiency economy knowledge to help promote west African country’s agricultural sector in their own country.
Honorary Consul of the Republic of Ghana in Thailand, Dr. Sicha Singsomboon and Dr. Joseph Siaw Agyepong, Executive Chairman of Jospong Group of Companies, recently held a press conference on trade and investment collaboration between Thailand and Ghana at Grand Fortune Bangkok. For the past almost 20 years, Dr. Sicha, has promoted relations between western African countries and Thailand, working in such diverse fields as Thai culture, trade and investment, and sufficiency economy.
“Thailand has shown great success in boosting relations with western African countries such as the Republic of Ghana, especially via the Royal Projects initiative of His Majesty The Late King Bhumibol Adulyadej The Great,” Dr. Sicha said.
“However, the Covid-19 pandemic impacted countries worldwide, especially in terms of food shortages and food supply disruption. The Republic of Ghana has expended major efforts to secure food supply for its people such as rice, palm oil and other farm products.”
Jospong Group of Companies, executive chairman Dr. Joseph Siaw Agyepong, joined by Ghana’s ambassador to Malaysia recently visited Thailand to study sufficiency economy with state agencies, related agencies and private companies which apply the principles to their operation.
“The move is so constructive that Ghana hopes to use such an approach to drive its development as well,” Dr. Sicha continued.
Jospong Group of Companies, Executive Chairman Dr. Joseph Siaw Agyepong said, “Coming here with a mission is a good opportunity for us to study trade, investment and businesses operations. As a private sector entity, this company wants to see various models of country development so it can gauge how they can enhance the policies of Ghana’s president. Thailand is considered one of the leading nations in promoting industrial development in different fields, especially the farm sector. Here I have had the opportunity to learn about rice growing, rice millers, research and development, manufacturing machinery for agricultural purposes, food processing, and the role of Thailand’s EXIM Bank.”
The company has established the Asian African Corporation with US$5 million in capital to take advantage of the opportunities it sees for trade and investment in Thailand. As the two countries are geographically similar, Dr. Joseph asked for the Thai government to assist Ghana to provide sufficiency economy knowledge to increase its farm productivity.
“I trust in the sufficiency economy and believe that if Thailand supports technology transfer of a sufficiency economy program, there will be more investment opportunities. I also plan to purchase farm machinery and establish a rice research and development centre in Ghana. Currently, Ghana imports a total of 1.5 million tons of rice annually from Thailand, Vietnam and India.”
Dr. Joseph also appreciated the opportunity to learn about Thailand’s waste management and production machinery prowess at Institute of Food Research and Product Development at Kasetsart University. In this respect, he plans to develop his own businesses totalling around 60 companies.
Ghana plans to develop 250,000 rai of farmland, of which 30,000 rai enjoy full support of Ghana’s government.
“Thanks to Ghana’s status as a west African economic hub, the cooperation with Thailand will help strengthen trade and investment promotion between our two countries over the next 3-5 years,” concluded Dr. Joseph.