The Foreign Ministry presents opportunities in Africa to businesses in Latvia

08.11.2019. 11:22

On 7 November 2019, the Ministry of Foreign Affairs hosted an event, “Africa – New Opportunities for Cooperation”, which brought together more than 70 businesses and representatives from public institutions and organisations.

The event constituted the first “Market Access Day” in Latvia, a European Commission initiative to speak directly with businesses in Member States, to introduce them to market access instruments as well as to jointly analyse cases in which exporters have faced unjustified trade barriers in third country markets.  

The Market Access Day was attended by representatives from the European Commission Directorate General for Trade, who gave a presentation on the concept of the Market Access Partnership and acquainted Latvian companies with the Market Access Database – an instrument important for producers and exporters.

With the focus of the event being placed on Africa, the participants were informed about the current European Union (EU) trade regime with Africa. Market access opportunities for Latvian exports were considered based on a number of market access cases – Egypt, Morocco, Nigeria, and South Africa.

The participants also learned about cooperation opportunities in Africa through the use of development cooperation instruments. A European Commission official informed businesses about the EU External Investment Plan (EIP), which provides for several support mechanisms for the private sector in the form of loans, guarantees and investments. The aim of the EIP is to contribute to economic and social development of the African countries by mobilising private investment. The plan is being introduced with the help of various international financial institutions.

 


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