In order to strengthen the economic ties between the two nations, the Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, has advised Latvian investors to choose Ghana as their preferred investment location.
She claimed that despite recent difficulties, Ghana remained one of the continent's most favorable locations for conducting business.
The minister stated that the two nations' diplomatic ties, which have developed gradually politically, date back to 1992 while addressing the Ghana-Latvia Economic Conference yesterday in Accra.
A business group from the Republic of Latvia, led by its Minister of Foreign Affairs, Edgars Rinkevics, visited for two days as part of a working trip.
It is the second to be planned since Ms. Botchwey led a 15-person delegation of business and government officials to Latvia in July 2018.
She said the occasion gave the Ghana Investment Promotion Centre, the Ghana Export Promotion Authority, and the Free Zones Board a chance to talk with the Latvian business community about experiences and investment prospects in the nation.
Significance
According to Ms. Botchwey, the collaboration between Latvian businesspeople and investors and the African Continental Free Trade Area (AfCFTA), which has its secretariat in Accra and access to the continent's sizable market of over 1.3 billion people, would give the latter greater trading prospects.
So, she continued, "It is my hope that this event will lead to the development of greater economic links and an increase in bilateral commerce and investment between our two nations."
Mike Oquaye Jr., chief executive officer of the Free Zones Authority, stated that ICT was a key area for the organization and invited Latvian ICT businesses to investigate and seize the potential the industry presented in Ghana.
He suggested that people could consider starting enterprises related to food security, the manufacture of fertilizers, and the processing of wood, among other things.
Interest areas
Mr. Rinkevics claimed that the business community in Latvia was very dedicated to exchanging ideas for Ghana's growth, particularly in the domains of education, chemical industries, medical care, and technology.
He said that several of the Latvian investors had previously made contact and developed relationships with their Ghanaian counterparts, and they expressed the hope that the tour would strengthen those connections even further.
The minister stated that with Ghana being a UN Security Council member, Latvia will also benefit from learning from and exchanging security-related experiences.
The Riga Technical University and the Latvia University of Life Sciences and Technology signed a memorandum of understanding with the University of Energy and Natural Resources to collaborate and share technologies, notably in the fields of energy and natural resources.
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