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Heads of Government of Latvia and China undertake to enhance economic relations

State Chancellery
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On Thursday, April 26 in Warsaw, Prime Minister Valdis Dombrovskis and Wen Jiabao, Prime Minister of the People’s Republic of China confirmed their mutual determination to strengthen the economic cooperation between the two countries, recognizing that there are many opportunities for development.

During the meeting, V.Dombrovskis emphasized that Latvia is interested in the closest possible cooperation between the European Union and China that will also have a significant impact on increased business activity of Latvia and China.

“China is an important and perspective economic partner of Latvia, therefore, it is important to develop various forms of cooperation, particularly in the area of transit and development of distribution centres,” said V.Dombrovskis.

The Prime Minister of the People’s Republic of China, in his turn, said that China is ready to invest in Latvia and called for the support to ensuring the investment-friendly environment. In addition, Wen Jiabao confirmed China’s interest in developing the cooperation in the transport and logistics sectors as well as agriculture. During the conversation, culture, education and tourism were mentioned as very perspective areas for cooperation. To develop the cooperation, the Chinese side calls on the Nordic and Baltic countries to cooperate.

V.Dombrovskis stressed to the Head of Government of China that Latvia is currently working purposefully on national economic development and already in the coming years the Baltic countries and Scandinavia will become the most dynamic development region in Europe. To achieve the economic objectives of Latvia, it is necessary to enter new export markets and attract foreign investments, creating new jobs and high-value added products. “In relations with China, we can already observe a substantial increase in exports and imports; however, Latvia sees the potential for cooperation in the logistics, telecommunications and electronics sectors,” said V.Dombrovskis. The Heads of Government discussed the attraction of China’s investments to Latvia, paying a special attention to the production and logistics sectors, incl., the development of road freight traffic along the routes connecting Europe and China.

During the meeting, a substantial attention was paid to the Global China Business Meeting - V.Dombrovkis called on the officials of the Chinese government to actively participate in preparation and procedure of the meeting. Wen Jiabao confirmed that the Chinese government will be represented in the Global China Business Meeting. It is planned that high-level officials, heads of the largest enterprises as well as economic experts of Latvia, China and other countries will participate in the meeting. Thereby, it could become a platform for new business co-operation projects, said the Prime Minister.

The Prime Minister of China extended an invitation to V.Dombrovskis to visit the World

Economic Forum (Summer Davos Forum) to be held in September in China.

Today in Warsaw, the Prime Minister will participate in the meeting of the Heads of Government of 16 Eastern and Central European countries and China. The main topic at the meeting – the promotion of economic cooperation between Europe and China.

Within the framework of the meeting, V.Dombrovskis also participates in the opening of the business forum held within the framework of the meeting of the Heads of Government of Eastern and Central European countries and China. During the forum, the experts and entrepreneurs will analyze China's investments on global and regional scale, the potential for cooperation between the countries and will discuss the role of modern technologies in economic development and other aspects related to promotion of business cooperation.

The Prime Minister will return to Latvia on April 26.

Photo of the meeting:

About the Global China Business Meeting:
The forum has been held annually since 2005 with participation of around 400 participants. Seven forums have been held so far – the last was held in November in Valencia (Spain). The event is organized by Horasis – an independent international organization which identifies globally important aspects in entrepreneurship and develops solutions for long-term development. Latvia has assumed the role of co-organizer. More detailed information about the forum:

Indicators of trade between Latvia and China:
According to the data by the Ministry of Economics, in 2011, the export volume to China amounted to EUR 47.9 million that is by 104.7% higher than in 2010, while the import volume to China increased by 37.7%, amounting to EUR 330.0 million. The total trade and service turnover with China (EUR 377.9 million) is by 43.7% higher than in 2010, thereby China ranks the 14th among the foreign trade partners of Latvia. Currently, the main export commodities are metals and their products, mineral products, machinery and mechanical appliances, while the main services – transport. The main import commodities from China are machinery and electric appliances, metals and meal products. Supplementary information about bilateral cooperation:

Supplementary information:
Mārtiņš Panke
Press Secretary to the Prime Minister
Phone: +371 67082865 / +371 26556965

Information prepared by:
Diana Germane
Consultant of the Communication Department
State Chancellery
Phone: +371 67082922 +371 67082922

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Last updated 22.08.2014
© State Chancellery, 2006