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WEEK 34th 2004

Friday, the 20th of August, 2004

Selling companies not to calm down
This year the amount of deals in the sphere of selling and buying companies in Latvia could reach EUR 250 million. According to the director of the investment company Prudentia, Janis Lielcepure, the companies with Latvian capital are mostly sold. Many of them work in retail trade sector, as well as in logistics and distribution business.
Dienas Bizness

Thursday, the 19th of August, 2004

Latvia receives bronze for inflation
According to the data of Eurostat, Latvian level of inflation, 6.7%, is the third highest in the EU. Only Slovakia and Hungary experienced more significant growth in prices, 8.3% and 7.2% accordingly. In general the average EU inflation index is 2.3%.

Wednesday, the 18th of August, 2004

Want to join prospers’ club
Latvian government approved the basic provisions of Latvia’s collaboration policy with OECD; soon the country is going to become the member of this organization. The document defines the necessary steps for achieving this aim. The membership in OECD will promote the development of Latvian national economy. The country will have to pay EUR 200,000 for entering this structure.

Latvian national economy strategy plans to reach the level of highly developed countries in 30 years
Latvian Ministry of Economy worked out a unified national economy strategy, which was approved by the government. The aims of the state’s policy in this sphere are described in the document. It is planned to reach the level of highly developed countries in 20-30 years. In 2002 the Latvian GDP was 35.3% of the average European level. This index should be increased up to 38% in 2004, to 52% in 2010 and to reach the level of wealthy countries in 2030.

Tuesday, the 17th of August, 2004

Export begins to grow faster than import
According to the data of the Central Statistical Bureau, in June 2004 the amount of Latvian exported goods increased by 20% in comparison with June 2003. The value of the exported goods was EUR 276.818 million. The amount of import grew by 4.5%. In comparison with May 2004, export increased by 8.4% and import by 1.2%.

Monday, the 16th of August, 2004

Chinese consumer goods to fill up the world
Starting from January 1, 2005, the quotas for importing the textile products from China into the EU will be liquidated. Experts forecast that it will have a negative influence on Latvia: many of the existing 435 textile companies could be closed, and at least 8,000 people would be discharged. According to the head of the Latvian Light Industry Companies Association, Guntis Strazds, Latvian textile companies are going to face serious problems in international market, because 90% of their products are exported to Europe. At the same time, European businessmen prefer give orders and locate their factories in Asian countries, where the working force and raw material are the cheapest in the world.

The small ones have greater obstacles
According to the results of the research conducted by social policy centre Providus, the main obstacles for the growth of small and medium enterprises in Latvia are significant economical activity expenses and problems in receiving finances. The most part of Latvian companies belong to small or medium enterprises, and they have more difficulties in expanding their business and finding partners abroad than large companies. This is why the specialists advice to create incubators which could help smaller firms, to use state guarantee schemes and to attract foreign direct investments.
Dienas Bizness

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