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Monday 18.11.2019 | Name days: Doloresa, Aleksandrs
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Zatlers: Latvia is interested in strengthening economic cooperation with Russia

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Baltic news, News from Latvia, BNN-NEWS.COM, Valdis Zatlers

Valdis Zatlers

Latvia is interested in deepening the economic cooperation with Russia, and I am certain that this visit will provide a new impulse for the development of our economic relations, the President of Latvia Valdis Zatlers indicated at Latvia – Russia business forum in Moscow.

The Latvian economy is now reporting stabilization – we are exiting the crisis, and the implemented economic recovery program has brought the expected results. Even more – by overcoming the crisis, our economy becomes more efficient, flexible, sophisticated and capable of facing future challenges, Zatlers pointed out in his speech, noting that the export volumes report the most rapid growth.

Latvia and Russia’s trade relations are developing very well. During the nine months of 2010, Latvia – Russia sales turnover has increased by 27%, compared with the same period last year. Clearly, this shows a significant potential for further growth. Already several cooperation institutes have been established for the development of bilateral economic cooperation. The Intergovernmental Commission has been set up, which solves practical issues on the international agenda, said the President of Latvia.

I can attest that Latvia is interested in strengthening the economic cooperation with Russia, by developing joint projects, particularly in the innovation sector, chemical, pharmaceutical, IT and engineering sector, Zatlers specified.

He also highlighted that Latvia supports the common European Union – Russia modernisation initiative in hope that vital issues for entrepreneurs will be solved within its framework to ensure the transparency of investment environment.

I also want to emphasise that visa-free regime perspective between the European Union (EU) and Russia is in the interest of both countries. Objectively, the revocation of visa regime will require mutual readiness, and will take some period of time. This is a technical matter, whose resolution we have supported within the EU framework. Latvia approves that it becomes a reality soon, the President acknowledged.

We cannot solely rely on the growth paradigm, which dominated in the pre-crisis period. To successfully develop the economy, we need new sources of growth that are propelled by innovation and cooperation, Zatlers underlined.


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