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WEEK 47th 2003

WEEK 47th 2003

Friday, the 21st of November, 2003

Scandinavians are praising Latvian tax system
Almost 40% of the investments in Latvia are made by Scandinavian companies. Since year 2000, their volume has increased by 34%. Baiba Rubesa, a representative of the Norwegian Business Association in Latvia, and the head of the Swedish Chamber of Commerce in Latvia, Monty Akesson, explained that Latvia has an excellent tax system. On November 20, at the press conference the representatives of the largest business organizations from Northern countries stated that the volume of the Scandinavian investments in Latvia will increase in the future. It is possible that in seven years these investments will amount to 50% of the total volume of the investments made in Latvia. Also the current Scandinavian investors will continue to invest in Latvia as they will be willing to develop their companies and improve their services after joining the EU. The main factors lingering the direct investments in Latvia are the high level of corruption, bureaucracy in state institutions and shortcoming of legislation.
(Diena)

Government intends to help exporters
In last years the difference between exports and imports in Latvia is increasing, therefore the Ministry of Economy has prepared basic guidelines of Latvian exports support policy. It is intended to support the development of public institutions that would foster increase of exports, to increase the competitiveness of the local entrepreneurs by educating them in marketing and management and providing consultations about technical standards, norms and quality requirements, to help the entrepreneurs to enter new markets, and to develop financial instruments. The authors of the plan believe that it will increase the exports of goods with high added value by 5% annually. The number of exports companies should increase by 5 to 10% each year. Moreover, 2,000 work places would be created annually. The Ministry of Economy intends to survey around 200 Latvian exporters to get to know their problems and priorities. These results will be used to create a certain exports support program for the period from 2005 till 2009.
(Biznes & Baltija)

Thursday, the 20th of November, 2003

Surplus of combined budget amounts to 4.27 million lats
In the ten-months period of 2003, the surplus of the state consolidated combined budget was LVL 4.27 million. The Press Secretary of the Ministry of Finance, Baiba Melnace, pointed out that the surplus was achieved due to the successful tax administration. In the first nine months of 2003, the State Revenue Service (SRS) overachieved its revenue plan by 2.6%. The administrated revenues in October reached LVL 159 million which is 16% more than in October last year. The incomings of the state combined budget in the ten-months period of 2003 were LVL 1.724 billion, which is an increase of 11.1% if compared to the respective time period a year ago.
(Dienas Bizness)

Wednesday, the 19th of November, 2003

Swedes invest the most
According to data at the Central Statistical Bureau, Sweden made the largest capital investments into companies registered in Latvia in the first six months of the year. It invested LVL 158.384 million during this time. That is 12.9% of the total amount of foreign investments in Latvia in the first six months of 2003. Germany is the second largest investor with LVL 131.132 million investments. Denmark follows the Germany with LVL 113.746 million investments. Other countries of the top ten are Norway, the USA, Estonia, Russia, Finland, the Netherlands, and Great Britain.
(Biznes & Baltija)

Number of companies has increased
By the beginning of October 2003, 43,238 economically active companies and business associations were registered in Latvia, which is an increase of 0.4% if compared to September. 18,280 of them are wholesale and retail companies including car and appliances repair. 15.7% of the registered companies are working in real estate and rent sectors, whereas 12.8% are industrial companies. 6.7% companies are operating in transport, stowage, and connections sectors, 5.9% are construction companies but 4.7% - are operating in accommodations and recreation sectors. 75.6% of the registered companies employ less than 10 people, 19.5% - from 10 to 49, 4.2% - from 50 to 249, and 0.6% employ 250 and more people. 55.6% of the economically active companies are operating in Riga, 3.6% - in Daugavpils and 3.4% - in Liepaja.
(Biznes & Baltija)

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