“Belarus is one of the most important trade partners of Latvia, one of the twentieth most viable and the second outside the EU”, Latvia’s Economy Minister Dana Reizniece-Ozol said at the opening of Days of Latvia in Belarus “Taste Latvia — Адчуй Латвію”.- Last year trade turnover and investment decreased slightly. But now we again can observe positive trends and investment opportunities. Export and import are increasing. Interestingly, total export volume of Belarus to Latvia is much higher than export of Latvian products to Belarus."
According to Economy Minister of Latvia, Belarus and Latvia have close cultural, trade and economic ties, but it is essential to expand areas of cooperation. In addition to traditional partnership in the field of mechanical engineering, wood processing, transport and transit, the countries should develop cooperation in science and IT. In order to explore future cooperation in these areas Dana Reizniece-Ozola is going to visit the High-Tech Park.
“Latvia is looking for strategies to become more competitive country, and we can not do without information technology. We consider IT sector of Belarus to be rather developed with extremely qualified personnel,” — she said.
Latvia counts on cooperation with Belarus, while participating in the Silk Road project.
“This is one of the key points of our cooperation, — said Andris Ozols, director of the Investment and Development Agency of Latvia. — Our countries possess necessary infrastructure for successful participation in this project. This work has a political meaning too – establishment of the so-called green corridors for abolition of administrative, customs and other barriers ”.
Moreover, Dana Reizniece-Ozola drew her attention to cooperation in tourism sector.
“In recent years, the flow of Belarusian tourists in Latvia has increased, it has grown by a third, as compared to the previous year,” — she said.
Speaking about the possibility of Belarus' accession to the World Trade Organization, Andris Ozols noted that accession to the organization would mean the foreseeable economic behavior of the country.
“There are particular benefits, when the country demonstrates the same attitude towards international trade and there are no lobbying tariffs. In short, we believe that accession to the WTO will cause a large flow of international trade and investment”, — Andris Ozols added.
Alexander Zaborowski, First Deputy Economy Minister of Belarus, emphasizes that Belarus is open for cooperation and partnership with Latvia and the European Union as a whole.
“Today, there are numerous opportunities,” — he said. – Our mutual projects in industry, food industry and service sector will be an addition to the growth of cooperation and trade. "
The opportunities for cooperation of the parties were presented specifically for the Latvian companies by the National Agency of Investment and Privatization of the Republic of Belarus.
“Latvia considers Belarus as the main border crossing between the EU and countries of the Eurasian Economic Union, — said Natalia Nikandrava, director of the NAIP, during the presentation. — However, instead of the advantages that Belarus possess through its membership in the EAEU, our country can be also distinguished among the other member countries of the Union, first and foremost, by more convenient business environment, as well as highly skilled and disciplined personnel. ”
The Latvian-Belarusian business forum is one of the events of Days of Latvia in Belarus, which takes place from 20 October to 20 November. The Forum is organized by the Investment and Development Agency of Latvia with the support of the Latvian Embassy to Belarus, the National Agency of Investment and Privatization of Belarus and the Belarusian Chamber of Commerce and Industry.
The purpose of the event is market development for mutual cooperation between enterprises of the two countries. The Latvian side will present an extensive program. Set of proposals for cooperation has been prepared for Belarusian entrepreneurs.
Reference: In 2014, the turnover of goods and services in Latvia and Belarus amounted to 565.4 million euros. Belarus became the 12th among the most important partners of Latvia's foreign trade. The total export volume of goods and services in Belarus amounted to 212 million euros (1.5% of Latvia's total exports). The total import volume of goods and services was 353.5 million euros (2.4% of Latvia's total imports). As for capital investment to enterprises registered in Latvia on 1 October 2015 Belarus took the 22th place with total investments of 21.4 million euros and 2 215 enterprises. Basically, Latvia exports to Belarus products of chemical and food industries, machinery, transport services (air and road transport), tourism and business services (construction, information, computer, communication services and economic activities).