Latvian Economy Ministry in China wishes to discuss investment attraction matters and the creation of a Latvian-Chinese think tank to better picture directions for future cooperation. Special attention will be provided to enhancing cooperation within 16+1 format and One Belt One Road project.
This week, 8 – 11 March, Latvian Economy Ministry’s state secretary Juris Stinka will be away on a work visit in China. There he will host the meeting of the Latvian – Chinese United Committee and meet with Chinese officials and representatives of different institutions to assist in the formation of closer economic cooperation between Latvia and China, the ministry reports.
The meeting of the Latvian – Chinese United Committee will take place in Beijing on 9 March. Zhou Xiaouan, Director General of the European Affairs Department of China’s Commerce Ministry, will be representing China at this meeting.
During this meeting, it is planned to discuss matters associated with expansion of mutual economic cooperation, including cooperation in transports, transit, logistics, tourism, food and woodworking and market monitoring.
As part of his visit to China, Stinka intends to discuss Latvian – Chinese cooperation matters with China’s Trade Ministry’s international trade representative Fu Ziying, World Tourism Cities Federation’s director and head of Beijing municipality’s tourism development department Song Yu, representatives of China’s Travel Service and representatives of China’s National Development and Reform Commission’s Academy of Macroeconomic Research.
On 10 March, Stinka is scheduled to take part in a seminar together with representatives from International Cooperation Centre of China’s National Development and Reform Committee.
Economy Ministry explains that Stinka and Transport Ministry’s state secretary Kaspars Ozolins plan to meet with Xiong Tao, Vice-Mayor of Yiwu, in order to discuss cooperation in transports and transit in hopes of securing cargo transports between Latvia and China. Yiwu is the city from which the first cargo train from China to Latvia was sent. The train arrived just in time for the visit of China’s Prime Minister Li Keqiang to Latvia in November 2016, the ministry explains.
Mutual trade volumes between Latvia and China increase year after year. China is currently Latvia’s second largest trade partner outside of EU, Economy Ministry states.
According to data from the Bank of Latvia, China was on the 22nd place among Latvia’s partners direct investment-wise in 2016. Chinese businesses in Latvia mainly perform activities in the field of construction, electrical installations, real estate purchase/sale, and restaurant and hotel business.
The ministry explains that dozens of Latvian companies are already present on China’s market. Those companies work in food industry, banking sector, ICT and high technologies, translations, cosmetics, wood working, logistics, real estate, machineries and mineral production sectors.