India, Latvia explore new business ties

Jasleen Kaur | The Dollar Business

India and Latvia on Monday expressed their commitment to enhance bilateral trade and explore business opportunities through the Riga Free Port to adjoining regions of European Union (EU), CIS (The Commonwealth of Independent States), and Russia.

Speaking at a business event, organised by the Federation of Indian Export Organisation (FIEO), Aivis Klavinskis, Deputy Head of Mission, Embassy of the Latvia, said, “Today, we are here to present a strong case why the Riga Port is placed to directing Indian exports to Russia, CIS and EU countries. We also have a delegation from the business sector.”

A high-level business delegation as well as officials from the Latvian government, consisting of Deputy State Secretary Dins Merirands and Ex-Minister of Economics Ainārs Šlesers, took part in a business meeting with their Indian counterparts to discuss potential areas of investments in the Latvian economy.

They urged Indian entrepreneurs to explore business opportunities in Latvia in order to boost bilateral trade between the two nations. They also assured Indian businessmen of being provided full support in terms of consultation and financial assistance from numerous financial institutions and banks in Latvia.

“Riga is the best place to invest and there are agencies which would provide free of charge consultants to guide the start-ups in starting a business venture and also in many other activities. India has many small industrialists and we want to combine more Indian entrepreneurs to make our business bigger,” said Šlesers.

Latvia’s total GDP amounted to $49.9 billion in 2015, and about 86.1 per cent exports value of Latvia are delivered to European countries, while 8.5 per cent traded to Asian importers. India’s exports to Latvia were $98.12 million in 2014 as against $102.07 million in 2013. The Latvian delegation is also scheduled to participate in multiple high-level meetings with the Indian Ministry of Commerce and Ministry of Transports to discuss trade opportunities.