The Ghana Export Promotion Authority (GEPA) and PROMEXICO, the Trade and Investment Agency of Mexico, have signed a Memorandum of Understanding (MOU) to actively promote business, investment, and trade to the mutual benefit of both countries.

The MOU commits the two institutions to share knowledge and expertise relating to the trade and economic integration, utilise resources and leverage existing resources, collaborate and expand market share.

Mr James Zugah Tiigah, Chief Executive Officer of GEPA and Mr Francisco Gonzalez Diaz, Director General, PROMEXICO signed the deal on the sidelines of the first Mexican business mission to Ghana.

The business delegation was in Ghana to explore opportunities in sectors such as construction, infrastructure, services, farming, agro food industry and pharmaceutical.

The objective was to present Mexican business to the Ghanaian business community to establish bilateral relations to explore business opportunities for trade investment.

It also enables both institutions to collaborate in business missions, events, fairs, and seminars to promote bilateral trade.

It would help establish trade links between Ghanaian and Mexican companies through instruments that increase competitiveness in outstanding and common sectors.

Mr Francisco Gonzalez Diaz, Director General, PROMEXICO said the purpose of the MOU was to take advantage of the geo-strategic position and free trade zones of both countries to use each other as a platform to widen their economic presence in Latin America in the case of Ghana, and in Africa in the case of Mexico.

Besides, it would present Mexican business to the Ghanaian business community and to promote bilateral relations to explore business opportunities for trade and investment.

Mr Gonzalez said Mexico as the 11th economy around the world is the gateway to the world’s most important market: NAFTA, almost 18.7 trillion dollars (FMI), through its network of free trade agreements Mexico grants preferential access to 45 countries and is the leading exporter with 35 per cent of the region’s total trade.

“On the other hand, Ghana is one of the seven African economies that are pushing in the international economy, therefore this would boost each country’s GDP,” he said.

Mr James Zugah Tiigah, Chief Executive Officer of Ghana Export Promotion Authority, said Ghana is in a good position in the sub region as a growing regional market with a population of more than 300 million.

He said political stability is available with relative low labour costs, and 100 per cent ownership permitted.

He said Ghana’s non-traditional produce are exported worldwide, in 2015 non-traditional exports products were exported to 137 countries.

The European Union market absorbed 35. 84 per cent, whilst ECOWAS absorbed 31.59 per cent of the non-traditional exports (NTE) exports and these two markets continue to be the leading markets for Ghana’s NTE products.

The MOU covered areas of agriculture and food processing sector, pharmaceutical and chemical sector and infrastructure, construction and housing secto