Baltic States – CIS, Latvia, Markets and Companies, Russia

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 14:52

One-fourth of our members do business with Russia - Latvian Chamber of Commerce

BC, Riga, 23.05.2017.Print version
Regardless of the economic sanctions, about one-fourth of the members of the Latvian Chamber of Commerce and Industry (LTRK) still have business relations with Russian companies, LTRK Council Chairman Aigars Rostovskis told LETA after the visit of the LTRK delegation to Russia today.

He said the LTRK delegation had made a return visit to Moscow for meetings with the representatives of the Chamber of Commerce and Industry of the Russian Federation and the Russian business people to discuss further business cooperation, and everyone had agreed that, where possible, this cooperation should continue.


"Regardless of all sanctions, Russia remains our third most important export market and the fourth largest import market," Rostovskis said, stressing that Latvian and Russian companies should continue cooperation regardless of the economic sanctions and geopolitical developments.


The LTRK as a business organization works to promote interests of its members and the national economy therefore it sees the need to continue cooperation with Russia, geopolitical developments notwithstanding. "During the meeting we discussed the fields where we could step up cooperation. There are economic sectors subject to sanctions where cooperation is impossible. But there are also sectors unaffected by the sanctions," the LTRK council chairman said.


Despite the obstacles, cooperation with Russian companies continues. "The LTRK has about 2,000 members, of which about 20-25% do business with Russian companies," Rostovskis said.


He said the LTRK delegation during its visit to Russia wanted to demonstrate its good will to keep cooperating with Russian companies. "At present the cooperation opportunities with Russia are limited, which has forced our business people to shift the focus to other markets. But if our business cooperation with Russia was much better, the Latvian economy would grow faster," he said.


As reported, a delegation from the Chamber of Commerce and Industry of the Russian Federation visited Latvia in February this year to mark ten years of cooperation with the LTRK.






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