Kariņš: Latvian companies, in cooperation with the World Bank Group, are ready to work more actively on the African, South Asian and Middle East markets
On 19 November, Prime Minister Krišjānis Kariņš, Minister for Finance Jānis Reirs and Minister for Economics Ralfs Nemiro met with representatives of the World Bank Group - International Finance Corporation (IFC). The objective of the visit was to discuss more active involvement of the Latvian private sector in the development markets, particularly in the IFC's priority areas of activity – Africa, South Asia and the Middle East, using the cooperation models proposed by IFC.
“IFC will, in collaboration with Latvian companies, provide them with investment opportunities on global markets and private sector solutions in countries facing development challenges,” said Karin Finkelston, IFC's Vice President of Partnerships, Communication and Outreach.
“A competitive private sector is one of the fundamental pillars for economic growth in Latvia. Our export companies have proven to be trusted partners in many countries around the world, and promote the name of Latvia in the world. Cooperation with international financial institutions such as the International Finance Corporation provides our businesses and commercial banks with additional security and guarantees against financial, business and political risks, creating preconditions for more active operation on the markets of developing countries,” stressed Kariņš.
“The export potential of Latvia in development markets is high – at present 24% of total exports are directed towards development markets, and this export direction is growing rapidly – by 1.6%, compared with a total increase in exports of 0.4%. Using the range of financial products offered by IFC, the Latvian private sector has the possibility to strengthen export positions in development markets,” noted J. Reirs.
“IFC is one of the largest global development institutions with a focus on the private sector in emerging markets. Its total assets amount to about $100 billion. Enhanced cooperation can create a lot of new investment and development opportunities, as well as an “airbag” for those Latvian businessmen, who have already demonstrated top performance on various markets in developing countries, and those who want to take on new challenges,” said R.Nemiro.
The IFC representatives also met with the Saeima Budget and Finance (Taxation) Commission, commercial banks and companies within the framework of the visit. They informed in detail about the IFC's operational priorities, financial products and potential cooperation models.
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