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Business organizations to promote Latvia's economic cooperation with US

BC, Riga, 04.03.2016.Print version
Latvia's largest business organization, the Latvian Chamber of Commerce and Industry (LTRK), and the American Chamber of Commerce in Latvia (AmCham) next week will sign a cooperation agreement, LETA learned from the organizations.

LTRK president Aigars Rostovskis said that members of the chamber are increasingly interested in exports to the US. Several months ago LTRK organized a visit to the US where representatives of several companies, including the state-owned Latvijas Dzelzcels railway company, met with potential cooperation partners. Also, several high-level meeting were held, said Rostovskis, adding that the business representatives have to get ready for the opportunities that will be ensured by the EU-US free trade agreement, therefore it is important to develop a representatives network in the US to ease the work of business representatives in this country.


Latvia's export to the US is rather small, just 1% of total export. LTRK expects that interest in the US market will considerably grow when the free trade agreement opens up new opportunities.


In order for Latvia to increase its trade and investment volumes and strengthen the economic security in the current geopolitical situation, it should be better represented and visible in the US, said AmCham's president Arnis Kakulis. The US is a very fragmented market and it is very complicated and expensive for business representative to enter this market alone. Therefore it is necessary to support Latvian entrepreneurs, offering them information about the US business environment and useful contacts.


The US is the ninth largest investment partner in Latvia, having invested more than EUR 300 million.


The agreement between both organizations will be signed on March 9. The event will also by attended by Deputy Chief of the Mission of the US embassy in Riga, Sharon Hudson-Dean. The signing ceremony will be followed by a press briefing.


A conference "Unlocking the business opportunities: Latvia & USA" later will present the new Gateway to the USA program developed by LTRK and AmCham.


The Latvian Chamber of Commerce and Industry (LTRK) is a non-governmental organization uniting micro, small, medium and large-sized companies from all regions and economic sectors of Latvia. Based on the number of its members, LTRK the largest business organization in Latvia, which unites individual companies, industry associations, city business clubs, and other business organizations.

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