Hungarian Government to Support Ghana’s “One District, One Factory” Initiative

Dr Peter Szijjarto, the Hungarian Minister of Foreign Affairs and Trade, says the launch of “One District, One Factory” and ”One Village, One Dam” programme by Ghana Government coincided with that of the Hungarian government’s industrialisation programme.

Therefore, he said, the Hungarian government would support Ghana government’s industrial transformation agenda to succeed, in order to create jobs for the youth and boost socio-economic development.

To this end, he said, the Hungarian government had signed a number of economic co-operation agreements with Ghana and also opened the 140 million Euros Credit line through Hungarian EXIMBANK, which would offer financial support to entrepreneurs to enhance their businesses.

Dr Szijjarto said it would establish Ghana-Hungarian Business Council to facilitate the economic co-operation processes.

“We see Africa as future China and you are about to reach a booming economy and demography as well therefore the Hungarian government has launched a policy called “Southern Opening” to enhancing the co-operation between our country and Africa,” he said.

Dr Szijjarto made the remarks at the Ghanaian-Hungarian Business Forum at the Kempinski Gold Coast City Hotel in Accra.

The forum attracted Hungarian trade delegation, members of Ghanaian-Hungarian Chamber of Commerce and Association of Ghana Industries, as well as captains of industries and entrepreneurs, to discuss business opportunities in both countries.

The Hungarian Minister of Foreign Affairs and Trade noted that, the Hungarian government had diversified her economic relations and would build closer economic ties with the emerging economies, especially in Africa to accomplish her vision.

He said it would increase her investments in Ghana through the construction industry, renewable energy, health, agriculture, Information Communication Technology and food processing.

In addition, he said, it would work together with the government of Ghana in the areas of security and defence as well as sports and cultural development based on mutual respect that would inure to the benefit of the peoples of the two countries.

He said the Hungarian government had introduced flexible tax regimes to attract investors to Hungary with conducive business environment.

He announced the increment of the Hungarian government Scholarships to Ghana from 50 to 100 in September next year, saying; “It is not aid that the African Continent needed, but employable skills and technology that will advance their economies”.

The Hungarian Minister expressed belief that through the Hungarian government Scholarship programme, the skills and experiences of Ghanaians would be enhanced to contribute meaningfully towards the development of the nation.

Mr. Ibrahim Awal, the Minister of Business Development, said the objectives of the Hungarian Government to strengthen business co-operation with Ghana was in line with government’s industrial agenda.

He said government had instituted measures to create conducive business environment for Foreign Direct Investment and partnerships.

Mr Awal noted that, the prudent policies had impacted positively on the macroeconomic environment resulting in the stabilisation of the local currency against the major trading currencies, reduction in the inflationary rate from 15. 4 to 11. 6 per cent, growth in the country’s Gross Domestic Product from 3.7 to 7. 9 per cent and consolidation of the gains with disciplined fiscal expenditure.

He said government wanted to make a difference in the agricultural sector and therefore engaged over 200,000 farmers with incentives under the Planting for Food and Jobs programme and next year it would embark on massive infrastructure development.

He said in the next three years, government would employ about two million youth because that was the main objective of the Nana Addo Dankwa Akufo-Addo’ government as promised in the 2016 electioneering campaign.

The Minister indicated that, government alone would require partnership from the private sector and would offer the necessary support to both the local and foreign investors to create jobs.

Source: GNA