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Tuesday 21.11.2017 | Name days: Andis, Zeltīte

Economic Diary. China researches Latvia’s transit capabilities

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUA delegation from China has visited Latvia this week in order to assess Latvia’s capabilities in cargo transit to Europe.

The main topic Chinese representatives are interested the most in is Latvia’s railway system. Guests were shown the capabilities of the country’s logistical industry. Latvian companies LDz Cargo Loģistika and Sungate shared their experience in transporting cargo to Kazakhstan and other countries of Central Asia.

Chinese delegates said they are rather interested in employing the services of Latvia’s railway. They also stated that they have arrived specifically to study what Latvia has to offer and its capabilities in transport and transit.

The Chinese are also interested in using Latvian warehouses and logistical centres for shipments headed for Europe. They are also interested in investment opportunities in Freeports and special economic zones. Potential partners were told about experience of Ventspils Freeport in the realization of industrial projects and offers for potential investors.

The two sides also discussed matters regarding the handling and processing of goods, so that Chinese exporters would receive financial advantage at the expense of lower customs duties. Food producers in the north-west of China presented the potential of exporting different fruits, vegetables and other food products. This cooperation will undoubtedly lead to the creation of new companies and jobs, believes Transport Ministry.

Experience for export

Latvian public sector experts plan to provide support to missions of the World Bank in the realization of projects in less-developed countries. An appropriate memorandum was signed by Latvian Finance Minister Andris Vilks in Washington, USA May 19th.

‘The memorandum of understanding will allow others to gain knowledge from Latvia’s experience in overcoming the crisis. Knowing what allowed the country to achieve economic growth is valuable knowledge to be used to improve welfare of other countries,’ – says the head of the World Bank.

Latvia is prepared to provide technical insight in areas such as fiscal discipline, amending tax legislation, regulation of the financial sector, overcoming the crisis in the banking sector, audit, public investments, social care and introduction of grants and loans from European Union Funds.

‘This initiative will contribute to Latvia’s overall recognition as a country that supports international development. It will also help governments to exchange experience in the realization of their professional potential in projects of less-developed countries,’ – said Vilks. It would seems that even though there are plenty of unsolved problems back home, he believes professional experience of his subordinates is high enough for them to enter the international arena.

Internet-shops in European format

Along with the rapid development of the internet trade industry, Latvian legislators have decided to modernize the legislative base: the government has approved rules that regulate processes in accordance with EU standards regarding directives on consumer rights of 2011.

The main goal of this new legislative addition is increasing protection of interests of buyers by adding new requirements to the signing of distant contracts.

Regulations provide rules of ways of providing information to consumers regarding contents of contracts – it may be a data storage device (e-mail, USB, CD and other digital data storage devices) that allows saving, copying and transferring data addressed to the buyer personally. Along with the contract itself, consumers have to be provided with conditions under which they are eligible to return goods, refuse a service and additional information regarding exclusions from rules.

Another important point applies to the type of information the customer should be provided with prior to signing a contract. This includes the full price of the purchase: end price with taxes and duties.

The document also mentions the order of returning products consumers are dissatisfied with – terms and conditions and appropriate form for consumers to fill in. The right to return a product enters into force the moment a consumer receives the product. Situations regarding money back guarantee for partially delivered services are also mentioned in new regulations. In such cases, prices are calculated in proportion to the end price or to the average market price. Authors of the project underline that this regulation also applies to services like water, gas and electricity supply.

This week, DPD Latvia published results of its survey ‘What to customers of internet-shops want in Latvia?’ As it turns out, buyers want to buy primarily electrical equipment (24%) in Latvian internet-shops and clothes, perfumes and cosmetics in foreign internet-shops (25%). The most important factor in the choice of traders is said to be the service provider’s compliance with guarantees, convenience and ability to return a product back to the internet-shop free of charge and being able to pay for a purchase when it is actually delivered.


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