Analytics, Baltic Export, China, Latvia, Markets and Companies, Technology, Transport

Yang Guoqiang and Valdis Dombrovskis. Riga, 10.05.2013. Photo: flickr.com

The Prime Minister and the Ambassador of China agreed that the bilateral cooperation and growing trade volume in recent years are indicative of deeper bilateral cooperation between the two countries. The parties agreed to actively seek the ways of promoting export in competitive and innovative products and services, as well as to discuss the economic development of transport infrastructure projects and routes. During the negotiations, the officials recognized the potential for the tourism industry development.

V.Dombrovskis confirmed that Latvia is interested in promoting intensive cooperation in implementation of business projects, thereby increasing the interest of Chinese entrepreneurs in the country. The officials appreciated the 2012 Business Forum "Global China Business Meeting" in Latvia that drew attention of the Chinese business leaders to Latvia and Rīga and offered the opportunity to establish contacts with potential cooperation partners. The Prime Minister also called on the Chinese investors to use the advantages provided by the Special Economic Zones in Latvia.

During the meeting, the parties appreciated the cooperation in the fields of education and culture. Currently, about 500 students in four universities of Latvia have the opportunity to master the Chinese language, while at the University of Beijing – the Latvian language.

Indicators of trade between Latvia and China

In 2012, exports of goods to China amounted to EUR 46.65 million, i.e., by 19% more than in 2011. According to the total turnover of trade in goods China ranks the 13th among the foreign trade partners of Latvia with EUR 395.66 million. In 2012, China's direct investment in Latvia accounted to EUR 0.4 million. The largest investments were made in the real estate, renting and other business activities, wholesale and retail and construction.