A leading Mauritius firm is to invest 18 million dollars in sugar production in the country, Mr. Yaw Osafo-Maafo, Minister of Finance and Economic Planning announced this in Accra on Monday.

Briefing newsmen shortly on arrival in Accra, Mr. Osafo-Maafo, a member of the government delegation that accompanied President John Agyekum Kufuor on a four state visit to Mauritius said the company would require about 11000 acres of land to produce 90,000 tones of sugar from 200,000 tones of cane a year.

He said Mauritius a leading sugar producing country was rationalizing production adding that the company, which he did not name, had decided to relocate in Ghana.

Mr. Osafo-Maafo said in answer to a question that the company would decide whether to operate at Asutuare or Komenda depending on its choice, since operations at both areas were defunct. He said another Mauritius company dealing in the polishing of diamond had agreed to send a delegation to Ghana to undertake feasibility studies to locate a company in the country.

Mr. Osafo-Maafo said, "Mauritius has one of the most efficient diamond polishing companies in the world although the country does not produce diamonds and with Ghana producing diamond it will be ideal for the company to relocate here."

He said another company had also agreed to establish a packaging plant to support the export sector because the country's packaging industry was rudimentary and that exporters depended on imported packaging material.

Mr. Osafo-Maafo said another area the government of Mauritius would assist Ghana was offshore banking in which Mauritius had the expertise and experience, adding that Mauritius would also assist Ghana to establish a financial intelligence unit within the banking sector.

Mr. Osafo-Maafo said some personnel from the Bank of Ghana, Ministry of Finance and Economic Planning and financial institutions would be sent to Mauritius next month in line with the legislations and laws required to establish the offshore banking.

He said the delegation made a stopover in Pretoria, South Africa and held discussion with some businessmen and the private sector. Mr. Osafo-Maafo said a South African company had agreed to invest 400 million dollars in real estate development in the country.

He said the company would not rely on guarantee or loan for the investment but only required land for their investment and pledged government support for the assistance they would need. Mr. Osafo-Maafo said, "Even though the visit was tiring, it was rewarding."

Mr. Alan Kyeremanten, Minister of Trade Industry and President Special Initiative, said a number of textile companies in Mauritius were prepared to relocate in Ghana. He said they would be located at the Garment Village at Tema where about 50 factories were expected to operate from next month.