Latvia will resume the work of the Investment and Development Agency (LIAA) in Ukraine, thereby giving impetus to the development of bilateral investment cooperation and trade. Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine Dmytro Kuleba announced following a meeting with Minister of Economics of the Republic of Latvia Ralfs Nemiro in Riga, Latvia, on December 6.
“The office of the Latvian Investment and Development Agency in Kyiv will promote a daily dialogue between Ukrainian and Lithuanian businesses and will provide a strong impetus to the development of bilateral investment cooperation. The resuming of office’s work after a three-year’s break is a clear message that foreign investors see positive changes in Ukraine. There will be more investments and more trade with our friend and European member Latvia,” said Dmytro Kuleba.
Ralfs Nemiro reported that the office would resume its work next year after the completion of technical procedures.
Ministers of the two countries also agreed to reform the work of the Ukrainian-Latvian Intergovernmental Commission on Economic, Industrial, Scientific and Technical Cooperation. In particular, the parties decided to introduce a mechanism for regular monitoring of the implementation of the decisions agreed by the parties to ensure their effective implementation.
The co-chairs of the Commission agreed that the next meeting would be held in May 2020 in Kyiv. Among the priority topics for the discussion were previously determined digitization, agriculture, pharmaceutical industry and logistics.
The Ukrainian Deputy Prime Minister suggested holding a special business forum in the framework of the Commission's meeting that would contribute to building connections between Ukrainian and Latvian entrepreneurs.
"Business contracts entail international contacts, hence they should not only promote establishing links between governments but also facilitate building more productive relations directly between the entrepreneurs of the two countries," Dmytro Kuleba emphasized. Ralfs Nemiro supported the idea of holding such a forum.
As of July 1, 2019, the volume of investments of the Republic of Latvia in Ukraine amounted to $ 41.5 million, in particular in professional, scientific and technical activities - $ 9.6 million (23.1%); financial and insurance activities - $ 8.2 million (19.6%); industry - $ 5.7 million (13.8%). The volume of Ukrainian investments in the Latvian economy over the same period amounted to $ 72.1 million.