Agriculture, Baltic Export, Good for Business, Latvia, Markets and Companies

"This is a strategic step. Currently, we do not feel that our export to Russia is declining, however, the uncertainty about further development of the situation has prompted us seek more stable export markets," Pakeltis said.

He indicated that the UAE is the company's first cooperation partner in the Middle East, while discussions with other countries of the region are currently also being held. The cooperation is in its initial stages, first shipments have left for the new market.

"We are looking at this region with optimism and consider it to have good prospects, taking into account the high demand for grain and grain products. Export volumes are increasing with every passing month, besides, other Middle East region countries are interested as well," Pakeltis said.

Currently, 70% of Rigas dzirnavnieks market consists of the Baltic region, while 30% is exported elsewhere. The European Union, Russia, and other regions in the world are the main export markets.

UAE is not the only new export market for the company this year. Rigas dzirnavnieks also plans to export its "Herkuless" brand products to Italy.

From January 1, 2013 until June 30, 2013, Rigas dzirnavnieks turned over EUR 12.217 million and earned EUR 209,816 in profit, according to information provided by Firmas.lv.