Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 33.2005

Friday, the 19th of August, 2005

Waiting for the investments
Latvian Investments and Development Agency forecasts that by the end of the current year several projects will be implemented in Latvia with attracting the foreign investments for EUR 42.85 million. At present there are 100 projects in the agency’s database, which pretend to foreign finances. However, only some 20 are mature enough for receiving the necessary sums. One of these projects is in machine construction sector, but the details are not revealed.

Thursday, the 18th of August, 2005

Guide for investors
Audit company KPMG published the informative Investments Guide on 126 pages. Its aim is to help foreign businessmen to decide whether the Baltic States are favourable for investing money. However, the provided information is not unified. Among the main topics of the guide are banking and insurance sectors, as well as tax legislation, labour market and competition. Some important things like non-observance of copyright and piracy are not mentioned there at all.
Biznes & Baltija

Wednesday, the 17th of August, 2005

False alarm
Latvian government still has not revealed the possible inflation combating methods. The Latvian PM, Aigars Kalvitis, said that the measures would be introduced when necessary, and would affect duties and taxes. However, neither he nor the Minister of Economy, Krisjanis Karins, could define the level of inflation, on which the measures should start working.

Tuesday, the 16th of August, 2005

Expect losses
The governmental committee examined the proposal to increase the number of official holidays in Latvia: if the festive day is Saturday or Sunday, then the next working day should be a holiday. However, one missed working day will result in great losses, for example, only in industrial sector the losses could reach EUR 12.91 million. The workers also will be losers as they lose some EUR 71-85 if five additional holidays appear. The general director of Employers Confederation, Elina Egle, believes that due to the low level of salaries and economic activity Latvia cannot allow itself to have additional holidays.
Dienas Bizness

Monday, the 15th of August, 2005

Export pursuits import
In the first half of 2005 the volume of Latvian export grew by 36.4%, to EUR 1.91 billion, but import by 22.7%, reaching EUR 3.05 billion, according to the data of the Central Statistical Bureau. The Great Britain was the most important Latvian export partner: 11.4% of all the exported goods were sent there. The most important export product was wood, which constituted 26.6% of the whole volume of export.
Dienas Bizness

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