Recently, Zhang Wei, Vice Chairman of the China Council for the Promotion of WorldWay (CCPIT), who was visiting Latvia, attended the China-Latvia Economic and Trade Cooperation Forum co-hosted by the CCPIT and the Latvia-China Business Council. Artis Kampars, Chairman of the Latvia-China Business Council, Andris Ozols, Director of the Investment and Development Agency of Latvia, Liu Jun, Counselor of the Economic and Commercial Counselor's Office of the Chinese Embassy in Latvia, and nearly 70 entrepreneurs from both China and Latvia attended the forum.
Ozols stated that Latvia enjoys a superior geographical location and a well-developed transportation network, which can cover markets in Northern Europe, the Commonwealth of Independent States (CIS), the Baltic region, and the European Union. The country has a high level of education and significant comparative advantages in human resources. The Latvian government encourages a free economy, corporate innovation, and R&D, welcomes foreign direct investment, and supports Latvian companies in exporting their competitive products abroad. China's economy is developing rapidly, and the Chinese government encourages corporate innovation, supports capable enterprises in investing and establishing businesses abroad, and continuously strengthens intellectual property protection, which will provide excellent cooperation opportunities for enterprises from both countries. The Latvian government will continue to improve the investment environment, strengthen the protection of the interests of foreign investors, and attract investors from China.
In his speech, Zhang Wei pointed out that Latvia has a superior geographical location and a sound economic foundation, with special advantages in high-tech fields such as biopharmaceuticals, electronic communications, and new materials, offering huge potential for cooperation between enterprises of the two sides. China is currently steadily implementing the relevant content of the "12th Five-Year Plan," focusing on expanding domestic demand, transforming the economic development model, and promoting economic structural adjustment. This process will inevitably bring greater business opportunities to enterprises from all countries, including those in Latvia. At the same time, during the "12th Five-Year Plan" period, China will continue to accelerate the implementation of the "Going Global" strategy, continuously strengthen policy support, and guide capable enterprises to actively and orderly go abroad to invest in other countries and regions, including Latvia, carry out overseas mergers and acquisitions, and deepen mutually beneficial cooperation.
Zhang Wei also put forward four suggestions for the future development of China-Latvia economic and trade relations. First, encourage and expand exchanges and cooperation between business associations of the two countries; second, further expand mutual investment between Chinese and Latvian enterprises, and encourage and support both sides to explore cooperation in fields such as logistics, information and communication technology, and biopharmaceuticals to cultivate new growth points for bilateral economic and trade relations. Third, take advantage of China's policy of further expanding imports to promote the balanced development of China-Latvia trade. Fourth, promote the coordinated development of tourism and business cooperation between China and Latvia.
Liu Jun stated that in recent years, high-level mutual visits between China and Latvia have been frequent, political mutual trust has been strengthened, and cooperation in fields such as diplomacy, economy and trade, culture, education, agriculture, and tourism has achieved remarkable results. The scale of bilateral trade has been continuously expanding, and the enthusiasm for cooperation among entrepreneurs from both sides is high. More and more large Chinese enterprises have begun to pay attention to the market potential of Latvia, and pragmatic cooperation between enterprises of the two countries in fields such as communications, pharmaceuticals, tourism, real estate development, timber processing, and trade has made positive progress. By implementing fiscal austerity policies, diversifying export and investment attraction markets, and improving the trade and investment environment, Latvia has successfully shaken off the impact of the financial crisis and transformed from the EU member state with the most severe economic decline into the member state with the fastest growth rate for two consecutive years. Building a "small and open economy" is an important concept for Latvia's economic development. Its sustained economic recovery, the continuous improvement of the investment environment, and the acceleration of the process of joining the Eurozone have provided rare opportunities for Chinese trade and investment partners. The Latvia-China Business Council and the CCPIT are building a high-level enterprise exchange platform. It is hoped that enterprises from both countries can find projects of common interest through this platform and push China-Latvia economic and trade cooperation to a new height.
Kampars stated that Vice Chairman Zhang Wei's leading of a Chinese entrepreneur delegation to visit Latvia fully demonstrates the importance the Chinese economic and trade sector attaches to Latvia. There is huge potential for the development of trade and investment between China and Latvia, but due to cultural differences and insufficient mutual understanding and communication, business associations of the two countries should work together to provide a good exchange platform for enterprises of both sides. Latvia has the ability to radiate to the large EU market, has a stable economic situation, a good investment environment, and low investment risks, and possesses significant potential for trade and investment development. The Chinese government's encouragement of development and promotion of domestic demand will provide more opportunities for Latvian enterprises, and the Latvia-China Business Council will help Latvian competitive products export to the Chinese market.
Representatives from Rietumu Bank of Latvia and CITIC Bank of China introduced the cooperation between the banks of the two countries, and representatives from the Investment and Development Agency of Latvia introduced the economic situation, investment environment, and advantageous fields of Latvia to the Chinese enterprises. Subsequently, entrepreneurs from both countries conducted one-on-one business negotiations.
