Latvian businessmen would like to invest in modernization of Belarusian companies, director of the Liepaja department of the Latvian Chamber of Commerce and Industry Girts Kronbergs told reporters on March 12.

According to him, Latvian companies would like to invest in woodworking and metal working industry. They also consider Belarus as a partner to advance Latvian goods. “We will consider opportunities to consult Belarusian companies to help them to produce the products which will meet the EU standards,” Girts Kronbergs noted.

Representatives of the Latvian companies which are interested in cooperation with Belarusian companies including supplies of up-to-date equipment for modernization of Belarusian plants have arrived in Belarus. The Latvian businessmen also propose to organize joint ventures, to import Belarusian wood and timber.

According to Girts Kronbergs, at present Latvian businessmen are studying the possibilities to make investments in various projects in Minsk and Gomel.

There are 194 companies with the participation of the Latvian capital in Belarus (107 joint ventures and 84 foreign companies). According to Belarusian statistics over the last five years Latvian investments in the Belarusian economy have increased by more than 20 times in comparison with 2002, reaching $148.4 million in 2007, with direct investments as large as $33 million.
In 2007 trade between Belarus and Latvia amounted to $1,123 million, almost twice as much as in 2006. The growth is attributed to rising Belarusian export to Latvia — more than two times as against the previous year to a total of $995.8 million.

A delegation of Latvian businessmen is staying on a visit to Belarus on March 10-13. The delegation includes representatives of the Latvian Chamber of Commerce and Industry and also 11 companies the activity of which is connected with transport, logistics, timber industry, organization of sports and entertaining events.