Baltic States – CIS, Economics, Latvia, Legislation, Markets and Companies, Ukraine

At the conclusion of the visit, M.Azarov confirmed readiness of Ukraine to immediately address the issues, which hamper more active work of Latvian entrepreneurs in the Ukrainian market, incl., in relation to refund of the value added tax and customs procedures, reported BC press secretary to the Prime Minister Mārtiņš Panke.
 

Prime Minister Valdis Dombrovskis: “The potential of economic cooperation between Latvia and Ukraine is far greater than the current level and more favourable conditions for its development will be a significant benefit for both countries. The most promising sectors are transit and logistics, incl., by developing new rail freight connections, mechanical engineering, environment-friendly energy solutions and information technologies. The Ukrainian market, comprising 45 million inhabitants, is becoming increasingly attractive for Latvian entrepreneurs, and by preventing different administrative obstacles, the benefits for both countries will increase”.

M.Azarov also supported the proposal by V.Dombrovskis to host the industrial products exhibition of Ukrainian entrepreneurs in Rīga, with a view to provide better opportunities for Latvian entrepreneurs to become directly acquainted with their offer and to establish new business contacts. Based on discussions of this bilateral meeting and discussions with entrepreneurs, concrete cooperation projects of both countries’ entrepreneurs will be discussed at the meeting of Latvia-Ukraine intergovernmental commissions to be held in June, this year.

Both sides recognized the progress of the Ukraine-EU cooperation mechanism and V.Dombrovskis confirmed Latvia’s support to integration of Ukraine in the EU area, incl., by signing the EU-Ukraine Association Agreement and to liberalization of the visa regime when Ukraine will meet all the necessary preconditions. The Prime Minister of Latvia also stressed that, in order to progress, it is important for Ukraine to strengthen democratic values and the rule of law. 

Within the framework of the visit, the officials of Latvia and Ukraine signed three documents aimed at extending the cooperation between the two countries. The countries signed the Economic Cooperation Program 2012-2013 between Latvia and Ukraine, the Program on Cooperation in the Field of Science and Technologies and the Memorandum of Understanding between the Investment and Development Agency of Latvia and the State Agency for Investments and National Projects of Ukraine.

M.Azarov’s visit to Latvia is the first visit of the Prime Minister of Ukraine since the restoration of its independence and it was organized on the eve of the 20^th anniversary of establishing the diplomatic relations between Latvia and Ukraine. Latvia and Ukraine established bilateral diplomatic relations on February 12, 1992.

Ukraine is the 17^th most important foreign trade partner of Latvia and the 5^th most significant partner outside the EU. In 11 months of 2011, the foreign trade turnover of Latvia with Ukraine amounted to USD 281.3 million. Latvia’s exports to Ukraine amounted to USD 98.3 million, while imports – USD 183 million. At the end of January, 2012, there were 565 companies registered in Latvia with Ukrainian capital.