Observer Latvija SIA
WEEK 13th. 2004

Friday, the 26th of March, 2004

German-Baltic Trade Chamber will help to establish contacts
A new organization, German-Baltic Trade Chamber, was created in order to help establishing contacts between Latvian and German businessmen. The Baltic associations of German entrepreneurs are united into this structure. They are going to held seminars and meetings where businessmen can share their experience and find potential partners.

Thursday, the 25th of March, 2004

Negative balance grows
In 2003 the negative balance between export and import significantly grew, from LVL 190.0 million (EUR 284.005 million) up to LVL 212.6 million (EUR 317.787 million). Latvia has the positive balance only with CIS countries, but the negative balance with the EU countries grows. Export with Eastern European countries slightly increased. The product, which was exported most of all last year, was canned fish. It was sold mainly in Russia.
(Dienas Bizness)

Wednesday, the 24th of March, 2004

Latvian IT companies struggle for the export market
In 2003 the common incomes of 9 largest Latvian companies, which export IT and joined IS cluster, grew by 52% and reached LVL 24.6 million (EUR 36.771 million). These are the most successful indexes of their work.

Tuesday, the 23rd of March, 2004

Non-financial investments grew by 4%
Last year the amount of non-financial investments in Latvia was LVL 1.067 billion (EUR 1.594 billion) - by 4% more than in 2002. LVL 451.6 million (EUR 675.037 million) were used for equipment, LVL 279.4 million (EUR 417.638 million) for industry, LVL 56.7 million (EUR 84,753 million) for food products and drinks, LVL 11.5 million (EUR 17.189 million) to textile industry, LVL 8.2 million (EUR 12.257) to furniture etc.

Steamship line has big investment plans
The company Latvijas Kugnieciba (steamship line) is going to buy 15 new tankers, little by little changing the old ones.

Monday, the 22nd of March, 2004

We will not allow overheating!
Last week the Bank of Latvia had increased the refinancing rate from 3% up to 3.5%, even though this index has been consequently decreasing before. According to the president of the Bank, Ilmars Rimsevics, it was necessary for to not allow overheating of the economy. Increase of rates will slow down growth of crediting and improve some other factors
(Kommersant Baltic Daily)

The Byelorussians are looking for investors
The Ministry of Economy of Byelorussia prepared for the Baltic States the list of the priority projects, where the foreign companies can participate. It invites Latvian businessmen to take part in wood processing industry, food, pharmaceutical industry and in IT sphere. Altogether there are more than 70 projects in the list.

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