Entrepreneurs and representatives of Latvian organizations agreed that economic cooperation development can be beneficial for both sides.
Australia – a perspective region with a growing economy
Australia was the 13th largest economy in 2015. Its GDP reached USD 1.5 trillion or 2% of the global economy. Australia is considered especially stable and secure for investments.
«Latvian entrepreneurs are interested in all markets, especially highly-economically developed countries like Australia and New Zealand. It could prove to be a good development region for wood working. There is an increase in demand for products produced from renewable resources,» – comments Latvijas Finieris board member Mārtiņš Lācis.
Great opportunities to develop cooperation in niche markets
Latvia can offer ecologically clean environment and clean approach to production processes. With that, it would be good to cooperate with Australia in niche markets, offering natural cosmetics, food products and art. Logistical cooperation can be developed in logistics.
Latvia can be an interesting adventure for tourists from Australia
There is enormous potential for attracting tourists from Australia. People who travel to Latvia for the first time often describe it as a rough diamond. The country attracts people with its nature, history, architecture, ancient history, culture and simplicity, explains Saulīte.
Export and import of education services
One of the leading export offers of Australia is higher education, carefully and well-developed education programmes. With that, it is would be worth thinking about exchange programmes between the two countries.
The opportunity to acquire support from Latvian diaspora in Australia and New Zealand
Practical support of Latvian diaspora can serve as additional factor to help create regional brands and secure easier access to the Pacific region, specialists admit.
Australia has one of the largest Latvian communities in the world. Unfortunately, cooperation with Latvian communities there has been mostly aimed at culture, education and politics so far. During last year’s World Latvian Economy and Innovation Forum, many successful Latvian businessmen expressed their wish to help other businessmen to enter Australia’s and Pacific region’s market, as noted by chairman of World Free Latvians Association Jānis Kukainis.
Up until now, economic cooperation between the two countries has not been close: exports to Australia had exceeded EUR 9.3 million in 2014 and EUR 11.4 million in three quarters of 2015, according to information compiled by the Central Statistical Bureau of Latvia.
In order to use the potential, a special event will be organized in Melbourne, Australia on 29 and 30 December. As part of the World Latvian Economy and Innovation Forum, a discussion will be held in regards to opportunities of Latvian entrepreneurs to work in Australia, New Zealand and Asia. Entrepreneurs from those regions will be presented with investment opportunities in Latvia.