It would also serve as a Ghana office and is to promote a “Belt and road initiative” established by the Chinese government to drive trade and capital flows between China and developing countries.

The opening of the AGI office, which was facilitated by the Belt and Road Collaborative Innovative Centre (BRCIC) of China, is also expected to boost the government of Ghana’s one-district, one-factory (1D1F) agenda in Ghana.

Inaugurating the office in Qingdao, China yesterday, Mrs Akufo-Addo said the opening of the office was a testimony of the cooperation between the two countries.

She indicated that the initiative would increase cooperation between Ghana and China and called on the business community in Ghana to take advantage of the new office.

Mrs Akufo-Addo is in China for an eight-day visit to various parts of the country, together with female business entrepreneurs from the manufacturing, cosmetic, agriculture, garments and textile, as well as construction industries.

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Industrial development

The President of the AGI, Mr James Adjaye, in a welcome address, said the opening of the office was part of efforts to support Ghana’s industrial development agenda.

He said the government’s initiative on district industrialisation had been well received by the AGI, as well as the business and international community, especially BRCIC.

Mr Adjaye announced that the AGI with the support of the government had arranged a $2 billion turnkey financial facility from the Chinese National Building Materials Company (CNBM), to support Ghanaian businesses that would operate under the 1D1F initiative.

Investment promotion

The president of the AGI said the opening of an office in China “will promote Chinese investment in Ghana, as well as Ghana’s investment in China.”

He said it would also help to promote the transfer of technology into Ghana, as well as explore market opportunities of both countries.

“We are aware that today the balance of trade between China and Ghana is highly in favour of China. We expect that by the collaborative effort being pursued, the future trade gap between our countries will be bridged. “We have no doubt that with the vast experience of our Chinese counterparts, we will jointly harness the agricultural and industrial potential of our countries,” he said.

Mr Adjaye said although the office was going to be managed by AGI, it would be opened to all Ghanaian businesses and trade associations, as well as relevant state institutions.

The Chairperson of BRCIC, Ms Zhang Lu, in an address, said her outfit was a platform that linked investment opportunities with other countries and commended Ghana for being the first country to open a liaison office under the Belt and road initiative.