India wants early signing of bilateral investment treaty with Ghana

Indian minister for commerce and industry Anand Sharma said yesterday that an early conclusion of the bilateral investment protection and promotion agreement (BIPPA) with Ghana is required for elevating trade and economic activity with between the nations to a higher level.

Sharma, who is on a visit to the west African nation under the union government's ''Focus Africa'' policy, held discussions with the country's foreign minister Alhaji Muhammad Mumuni and finance minister Kwabena Duffuor, and emphasised the need for developing an enduring partnership between India and Ghana, as well as investment ties.

Ghana on its part highlighted the need for cooperation in oil and gas, pharmaceuticals and information technology sectors, citing India as a model of development, to be emulated by Ghana.

The Indian policy is aimed at exploring possibilities of market expansion into the vast African continent, especially in the light of recent oil and gas finds in Ghana and a potential collaboration in the field.

Both the governments had agreed in 2002 to sign the BIPPA, which has not yet been ratified by Ghana's government.

About a year ago, a memorandum of understanding was signed between the two countries for an investment of $1-billion for setting up a 1.15-million tonnes per annum fertilizer plant in Ghana.