During his visit in the People’s Republic of China Valdis Dombrovskis, Prime Minister of the Republic of Latvia, met Wen Jiabao, Prime Minister of China, and other officials and entrepreneurs. The Latvian Prime Minister emphasised the necessity to develop bilateral economic cooperation and presented proposals regarding investment opportunities in Latvia.
These investment proposals which were submitted to Wen Jiabao concerned transport and logistics, as well as ICTs, indicating concrete investment opportunities. Latvia’s proposals were prepared in response to the initiative of the Chinese Prime Minister, expressed in April 2012, during the meeting of the Heads of Government of 16 Eastern and Central European countries and China in Warsaw, Poland.
During the meeting both sides shared the view that the strategic areas for cooperation are transport, ports, air transport and railway transport. Valdis Dombrovskis drew attention of the Chinese side to the wide transit opportunities offered by Latvia. Wen Jiabao urged companies in Latvia to engage in closer cooperation with Chinese companies.
Regarding cooperation in the area of education Valdis Dombrovskis addressed Chinese students and suggested they could use the scholarships and grants offered by the Chinese Government for studies in Latvia: currently, the Government of China offers its support for higher education studies in those areas which correspond to the national cooperation priorities. The Prime Minister of Latvia noted that higher education establishments in Latvia can provide their education programmes in the respective areas.
The Prime Minister of China acknowledged the initiative to hold the Global China Business Meeting on November 25-27, in Latvia, and emphasised that this forum would strengthen economic cooperation of both countries.
During their discussion with the Latvian Prime Minister Chinese entrepreneurs expressed their commitment to seek cooperation opportunities with companies in Latvia and emphasised their positive previous experience in this regard. For instance, representatives of ITC company HUAWEI highlighted its successful cooperation with several operators in Latvia.
During the visit Valdis Dombrovskis also met Klaus Schwab, founder of the World Economic Forum and its Executive Chairman. The Prime Minister participated in the World Economic Forum and delivered speeches in Forum’s session “European Crisis and its Impact”, as well as in sessions “Financing the Future Economy” and “Setting the Course for Smart Growth”.
Valdis Dombrovskis visited Beijing Foreign Studies University and gave interviews to China Daily, 21st Century Business Herald, China Central Television, People’s Daily, Wiener Zeitung and other media.
The Prime Minister returns in Latvia on September 13.
Photos of the visit of Prime Minister Valdis Dombrovskis in the People’s Republic of China: http://www.flickr.com/photos/valstskanceleja/collections/72157631517604379/
On Summer Davos:
This is the sixth year the World Economic Forum is held by engaging political, business, academic and other leaders. The Forum provides a platform for the rising generation of global leaders from business and society to contribute to broader policy discussions and engage with the world’s top business executives. For more detailed information on the Summer Davos, please visit: http://www.weforum.org/events/annual-meeting-new-champions-2012
Trade indicators of Latvia and China:
In the first half of 2012 the volume of exports of goods to China amounted to 22.33 million EUR which is by 24% more than in the same period of 2011. In the first half of 2012 the volume of imports of goods from China amounted to 150.14 million EUR which is by +18% more than in the same period of 2011.
By the total volume of trade of goods China with 172.48 million EUR ranks as the 13th biggest foreign trade partner of Latvia. The total volume of trade of goods with China is by 27.42 million EUR or by +19% more than in the first half of 2011.
The main goods exported to China are metals and metal products (26.28%), machinery and mechanisms; electronic equipment (20.74%) and mineral products (13.99%). Imports are dominated by machinery and mechanisms; electronic equipment (46.18%), miscellaneous manufactured goods (11.74%) and metals and metal products (9.97%).
In 2011 exports of services to China amounted to 8.62 million EUR. The main services exported by Latvia to China were transport services and trips. In 2011 imports of services from China amounted to 34.97 million EUR. The most important services imported from China were transport services and business operations services.
On August 25 2012 the Register of Enterprises included 53 Latvian-Chinese joint ventures. Chinese investment stocks in equities of Latvian companies account for 199,071 Latvian lats. By the volume of investments into company equities China ranks as the 71st biggest partner.
For additional information:
Press Secretary of the Prime Minister
Phone: +371 67082865 / +371 26556965
Information was prepared by:
Consultant of the Communication Department
Phone: +371 67082922