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WEEK 26th 2004

Tuesday, the 22nd of June, 2004

Prices of industrial goods increase
Last month, prices of Latvian industrial goods increased by 0.7 per cent compared to April and by 7.4 per cent compared to May last year. Prices of export goods increased by 1.6 per cent compared to April and by 8 per cent within a year. Food products became more expensive as well, by 0.28 percentage points. Prices of wood and wooden products except furniture increased by 0.24 percentage points. Prices of publishing and polygraph goods grew by 0.08 percentage points, while prices of chemical and pharmaceutical goods by 0.06. Prices of metallurgical goods increased by 0.06 percentage points and prices of furniture by 0.05 percentage points.
Biznes & Baltija

Tried on prices. Too large…
Although experts of the European Commission believed that the prices for clothing, footwear and appliances would decrease after Latvia’s accession to the EU because they are higher than in other states, it has not happened. Traders of clothing explain the high prices with the fact that there is a smaller turnover in Latvian than in other European countries. According to the president of the Association of Latvian Light Industry Enterprises, Guntis Strazds, the clothing prices in Latvia in lats are equal to the European prices in euros. He believes that the high prices are the result of foreign chains’ actions in the Latvian clothing market. The commercial director of a Latvian clothing company Velme, Vladimirs Balakins, believes prices for clothing are to increase by 20 per cent in next two years.
Kommersant Baltic Daily

Electrical industry strives for the best
According to the Latvian Electrical Engineering and Electronics Industry Association LEtERA, electrical engineering and electronics industries in Latvia are far from their ideal condition. Now they reach only 15 per cent of the average level of the EU. The association hopes to increase this index to 40 per cent, the number of companies from 80 to 120 and the volume of sales from EUR 450 to EUR 600 million by 2010. Since 2001, these industries show a stable growth, 27 per cent annually. 80 to 85 per cent of all their products are exported. In three years, exports increased by 16.3 per cent. Nevertheless, there are still many problems to solve. One of them is the low number of places to gain education in this sector as well as the low interest of youth to gain this education and out-of-date curriculum. The state pays little attention to science and research as well. LEtERA invites to include electrical engineering and electronics industries in the national development plan of 2007-2013.
Biznes & Baltija

Monday, the 21st of June, 2004

More economic crimes registered
In first five months of 2004, 1,556 economic crimes were registered in Latvia, an increase of 30 per cent compared to the same period a year ago. 950 of them were serious and very serious crimes. According to the data of the state police, 91 of the cases were avoidance of tax payments (plus 49), 34 cases were contraband (plus 2), 78 cases were forging money and securities and distributing them (minus 82), 376 were illegal actions with documents. The financial police initiated 248 criminal cases (plus 82) during this time. The loss of the state is estimated to at LVL 18.6 million.
Biznes & Baltija

Latvia may become a guide for Ukraine
In the end of the last week, at the 6th meeting of intergovernmental commission in Kiev, the Latvian Minister of Economy, Juris Lujans, and the Deputy Prime Minister of Ukraine, Dmytro Tabachnyk, agreed that the cooperation between the two countries have reached a new level. On June 16, Ukraine and Latvia initialled a project of agreement between the governments of both countries on economic, industrial and science-technical cooperation. Lujans wants to sign this agreement no later than autumn. One more document signed at the meeting was a memorandum on cooperation between Ukrainian Union of Industrials and Entrepreneurs and Latvian Investment and Development Agency. A forum was held on June 18 in Kiev. 36 Latvian companies representing 15 industries took part in it. Unfortunately only 11 of them were lucky to have some contacts with possible Ukrainian partners.
Biznes & Baltija

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