Baltic States – CIS, Forum, Logistics, Markets and Companies, Transport

At the Latvian-Ukrainian Business Forum. Riga, 15.12.2010.

Yanukovych emphasized that major reforms are being carried out in state administration, thus making it more effective, thorough control in the judicial system is ensured and corruption risks are lessened. The tax system, however, is being made much more progressive and more business-friendly with a smaller administrative burden and less monitoring by supervisory institutions. Society is also changing, it is becoming more open and involved in state processes, writes LETA.

In speaking about future economic cooperation, Yanukovych pointed out that Ukraine is interested in cooperation with Latvia.

"You are in the Baltic Sea region – we – in the Black Sea region," said Yanukovych, emphasizing the necessity to establish joint logistics centers.

Transport logistics centers are interesting, however it is also possible to transport energy resources, and already in the year 2011 we could be delivering oil to Latvia, said Yanukovych. He also added that both countries may have common interests in the sector of electrical power engineering because next year, in Ukraine, many major investment projects concerning the building of a nuclear power plant will be started.

President Zatlers also addressed the forum. He emphasized that in the present difficult economic circumstances, relations between Latvia and Ukraine are an important factor in solving the problems at hand so far. Yanukovych's visit to Latvia is a testament to the successful cooperation between both countries. Zatlers also believes that the new Latvian-Ukrainian trade agreement will substantially foster development of economic ties.