Ghana is open to business and eager to forge mutually beneficial relationships with Austria, to serve as a catalyst for economic growth for both countries, Vice President Mahamudu Bawumia has said. He reiterated Government's commitment towards forging strategic partnerships with Austrian businesses for productive transformation of the economies of the two countries. Vice President Bawumia gave the assurance at the opening of Ghana-Austria Business Forum in Accra. The forum, will among others, explore areas of co-operation between Ghanaian and Austrian businesses, including healthcare, digital technology, sanitation, and support for growing and processing of rice to reduce Ghana's large rice import bill. To that end, a Memorandum of Understanding (MoU) was signed between Jospong Group of Companies and Finance and Industrial Machinery Africa. Dr Joseph Siaw-Agyepong, the Founder of Jospong Group of Companies, signed for his company whilst Mr Markus Maierhofer, the CEO of Finance and Industrial Machinery Africa and its partners, initialed for his company. The MoU will see the two companies combining forces to use innovative technology to produce and process rice in Ghana. The rice project is estimated at the cost of 30 million Euros, which will create 10,000 direct and indirect jobs for the Ghanaian youth and greatly reduce Ghana's rice import bill. The Vice-President said the timing of the forum was important given the global economic meltdown created by the COVID-19 pandemic in the past couple of years, and expressed confidence that the partnership would deepen economic ties between the two countries. 'Ghana is taking concrete measures to bounce back stronger, and so the forum shows the Austrian Government's commitment to enhancing collaboration between the public and the private sectors for our mutual benefits,' Dr Bawumia said. He said the Government was seeking to sustain its relationship with its Austrian counterpart through technical, science-based education and technology to addressing the economic challenges. Dr Bawumia explained the various investment opportunities in Ghana, including areas in agriculture, mineral resources and digital technology, as well as port infrastructure and asked the Austrian business delegation to explore those areas for investment. The Vice President referred to the Austrian Government's international Co-operation Strategy for 2022-2030 in the Sub-Saharan Africa and was optimistic that the strategy will yield the needed investment returns. He urged the Austrian government to take advantage of the African Continental Free Trade Area (AfCFTA), which Ghana is hosting the Secretariat, to connect with the rest of Africa to explore trade and investment opportunities. Mr Karl Nehammer, Federal Chancellor of the Republic of Austria, in his remarks, described his participation in the forum as historic because it was the first time a head of Austrian government was visiting Ghana. He was confident that the dialogue would strengthen the bilateral ties between the two countries, saying, 'We value partnerships of equals.'

Source: Ghana News Agency