Iran and Ghana have agreed to establish an Iran-Ghana Investment Committee (IGIC) to identify development areas for cooperation between the two countries in order to enhance investment and technology flows.
A Memorandum of Understanding (MoU) to set the ball rolling was signed in Tehran by the Director General of the Foreign Investment Office of the Organisation for Investment, Economic and Technical Assistance of Iran (OIETAI), Mr. Saman Ghasemi, for Iran whilst Mr. George Aboagye, Chief Executive Officer of Ghana Investment Promotion Centre (GIPC), appended his signature for Ghana.
The agreement which covers five years, is renewable for the same period, if either side notifies to the other, in writing, of its willingness to continue, one month prior to the termination.
The MoU mandates the IGIC to act as the specialized body of its founding agencies and shall endeavour for the promotion and facilitation of foreign investments including, but not limited to, Foreign Direct Investment (FDI) and financial facilities as well as contracting and engineering activities.
In particular, the IGIC is to identify development areas for cooperation between the two countries in order to enhance investments and technology flows as well as taking necessary measures for identifying projects, holding negotiations, contracting agreements and other relevant issues in this regard.
It is also to introduce investment opportunities available in both countries at macro and sectoral levels, and other relevant information, continuously, through virtual channels and prepare promotional materials, methods and instruments of investment targeting in order to publicize information on regulatory corpus as well as potentials and incentives supporting investment activities.
Additionally, the IGIC is to exchange information and literature on all issues pertaining to development of investment for updating and serving the need of their respective investment communities and interested individuals, and also monitor the trend of investment flows as well as assisting the founding agencies by formulating appropriate strategies for creation of an enabling environment for attracting investment.
It shall facilitate and promote flows of investments and technology accession between the two countries as well as conducting joint investment in third destinations, and organize seminars, gatherings and workshops in the areas of mutual concern for promotion of investments as well as upgrading the knowledge and skills of their respective investors.
The MoU further mandates the committee to assist the settlement of investment disputes arising between the investors of the two sides as well as between investors and the host government as fast as amicable possible, and also adopt ways and means to remove obstacles impeding the development of joint investments and advising their respective agencies on the remedies to overcome the bottlenecks.
The committee will be responsible for the facilitating the travel of prospective investors to and from the two countries and assisting them to obtain visa as well as permit required for their activities, and promote, facilitate and supporting the exchange of technical expertise, know-how and training opportunities, and shall advise their respective agencies of the proposals and issues upon which a mutual consensus have reached and shall discuss in its meeting the potentials and priority sectors for mutual investment.