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WEEK 22nd 2004

Friday, the 28st of May, 2004

Igor Studennikov: the most important is to not create artificial obstacles
The Ambassador of Russia to Latvia, Igor Studennikov, said that at present Latvian-Russian economic relations are quite good. In 2003 the amount of trade between two countries increased approximately by 47%. This tendency remained in the first months of 2004. It will be possible to evaluate the results of the period after Latvia's accession to the EU in the end of the year. Studennikov thinks that the situation in delivering machine and technical goods may become worse due to the changes in custom duties rates. It could also happen in pharmaceutical and food products sphere. The Ambassador pointed out that there is a big potential for the countries to develop their collaboration in many fields.

Thursday, the 27th of May, 2004

Business in a Russian way
Hansabanka held a conference Successful Business in Russia, in which 265 Latvian businessmen took part. Latvian PM, Indulis Emsis, said that it could be useful to create a Foreign Policy Institute for analyzing Latvian relationships with the neighbouring countries, including Russia. Experts advised the businessmen, who plan to develop their business in Russia, to be more careful and to not risk with big investments if they had not have the similar experience before.
Kommersant Baltic Daily

Wednesday, the 26th of May, 2004

Put in a word for small business
Latvian government approved the programme for supporting small and medium enterprises till 2006. It is offered to bring in order the legislation, to provide larger financial support, to train professional personnel and to support businessmen in regions, especially Latgale. The authors of the programme think that thanks to fulfilling all the standards the number of small and medium enterprises in Latvia will grow by 5-7% per year. During the closest 10 years it will let keeping the level of unemployment at the level not higher than 7%.
Kommersant Baltic Daily

Tuesday, the 25th of May, 2004

Banks earned 31.7 million lats
The profit of Latvian banks in the first four months of 2004 was LVL 31.7 million (EUR 47.88 million), by 64.2% more than in the same period of the last year. In April the banks earned LVL 7 million (EUR 10,57 million), which is by 45.8% more than in April 2003. During the first quarter of 2004 the leaders in profit were Hansabanka with LVL 4.6 million (EUR 6.94 million), Latvijas Unibanka with LVL 3.8 million (EUR 5.74 million) and Parex Banka with LVL 3.5 million (EUR 5.28).
Dienas Bizness

Monday, the 24th of May, 2004

Producer prices grew by 1.2%
According to the data of the Central Statistical Bureau, in April 2004 producer prices in Latvian industry grew by 1.2% in comparison with March. In comparison with April 2003 they increased by 6.8%; the prices of exported products grew much faster. The biggest increase was in metal industry, 1.47%.
Dienas Bizness

Export goods value increased
In the first quarter of 2004 the value of export goods increased by 10.3%, and the value of imported goods by 6.2%. Transport sector experienced the biggest average increase, by 1.10%. Then follow machines and electric equipment sector (0.62%), mineral substances sector (0.54%), metal and metal products sector (0.52%), as well as vegetable products (0.50%).
Dienas Bizness

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