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 Observer Latvija SIA

WEEK 49th 2004

Friday, the 3rd of December, 2004

Promise savings
On December 2 the forum Riga’s Partners was held for the economic diplomats accredited in Latvia. During the event it was noted that Latvia is very attractive for foreign investors due to its geographical location, cheap labour force, favourable infrastructure and quite low production expenses. Investments in Latvia are especially profitable in the light industry, chemical industry, electronics, metal industry, as well as construction of 3-stars and 4-stars hotels. The Counsellor of Indian Embassy, Anil Trigunayat, stressed that it would be important to pay more attention to work in the Latvian ports.
Dienas Bizness

Wednesday, the 1st of December, 2004

We are behind the whole Europe in innovations
Latvia occupies the 30th place in the list of countries, which actively use innovations. The document was prepared by the European Commission. In the calculations of this index the experts took into consideration 20 different figures, for example, human resources, striving for acquiring new knowledge and further use of it, financing of innovations etc. Latvian index is 0.18 points. Only Cyprus, Rumania, Poland and Turkey are lower in this list. Estonia is on 17th place, and Lithuania on 26th place.
Bizness & Baltija

Tuesday, the 30th of November 2004

Official texts – right from Brussels
Starting from January 1, 2005, all the EU documents will be available in the Latvian language, too. The company Komin will be their first official distributor. Recently the enterprise signed the respective agreement with the Office for Official Publications of the European Communities. From the next year those who wish to receive any of the EU acts in Latvian can sign an agreement with Komin and receive the translated text of the document; it is also possible to do it through the Internet. The new service will provide the opportunity to receive the newest information and make necessary corrections within the company’s work.
Kommersant Baltic Daily

Monday, the 29th of November 2004

Salaries are left behind
The speed of inflation in Latvia leaves behind the growth of salaries, especially in the state institutions. In the third quarter of 2004 the prices increased by 7.4% in comparison with the same period of 2003, while the salaries in average grew by 7.8%. However, in the state institutions the growth in salaries was only 7%. The representative of Latvian Ministry of Economy, Olegs Baranovs, thinks that this is just a temporary fact.
Dienas Bizness

We will achieve soon
In Latvia the growth in crediting is the second fastest in Europe after Lithuania. The low interest rates promote the increase of loans, which, in its turn, promotes economical development. On the other hand, it also influences the speed of inflation and promotes current accounts deficit. The fastest growth is observed in mortgage crediting, which occupies half of the market. According to the head of Market and Branches Analysis Department of Latvijas Unibanka, Andris Vilks, in the near future the growth will remain the same in the private persons sector, approximately 40%. As for the enterprises sector, the increase within it could take place due to the general economical development and legalization of shadow economy.
Dienas Bizness

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