Latvia provides a gateway to both the European and Russian countries

The FAPCCI & Ministry of Foreign Affairs, Republic of Latvia organizing an Interactive Meeting with His Excellency Mr. Edgars Rinkevics, Hon’ble Minister of Foreign Affairs, Republic of Latvia on “India and Latvia bilateral Trade and commerce” on September 16, 2013 at Federation House, Red Hills, Hyderabad.

His Excellency Mr. Hardijs Baumanis, Ambassador of the Republic of Latvia to the Republic of India, His Excellency Mr. Einars Semanis, Ambassador-Director General of Economic and Bilateral Relations Directorate, MFA, Mr. Srinivas Ayyadevara, President, FAPCCI, Mr Atis Lots, Head of Minister’s Office, MFA, Ms Ilonda Stepanova, Director of Department of Budget, Ministry of Finance, Ms Judîte Dobele, Counsellor, Head of Asia, Africa and Oceania Division, MFA, Dr Mârcis Auziòð, Rector of University of Latvia, Mr Ilmars Kreituss, Vice-Rector, Riga International School of Economics and Business Administration, Mr Guntis Drunka, Deputy Governor of the Freeport of Ventspils, Mr Rudolfs Kalnins, Counsellor, Securitate, Mr Kalvis Vîtoliòð, Member of Latvian-Indian Advisory Council, Mr Otto Lodiòð, Member of Latvian-Indian Advisory Council, Mr Andris Dieviòð, Member of Latvian-Indian Advisory Council, Ms Laima Freimane, Producer, Film Industry, Mr Kartik Umakant Desai, Baltovents Ltd, Mr Avdhesh Hiranya Desai, Baltovents Ltd, Mr Hiranya Umakant Desai, Baltovents Ltd, Mr. Shiv Kumar Rungta, Senior Vice President, FAPCCI, Mr.  V Anil Reddy, Vice President, FAPCCI and Mrs. P. Vydehi, Secretary (I/c), FAPCCI has also addressed at the meeting.

Mr. Edgars Rinkevics, Hon’ble Minister of Foreign Affairs, Republic of Latvia stated that the Latvia provides a gateway to both the European countries and Russian countries.  Consequent to Latvia’s accession to the EU, accessing EU market through investment in Latvia holds much promise for Indian companies. This along with the investment friendly policies of the Latvian government provides great opportunity for Indian firms to make forays into the Latvian market. Potential areas of investment from India include pharmaceuticals and healthcare, telecommunications, IT and software development, heavy engineering and biotechnology. Major Indian exports are tea, coffee, tools, pharmaceuticals, chemicals, garments, iron & steel etc. Major Indian imports include chemicals, fertilizers, iron & steel, machinery etc.

Latvian and India relations are cordial and are warming up though there is room for improvement on the trade and economic front. Trade and investment is steadily increasing between the two countries. The relations between India and Latvia are friendly and wide ranging. Freeport of Ventspils is a part of the European Union core transport network. It has connectivity over sea and land. The Port authority has invested more than 90 million euro in port development projects. More than 20 million euro was attracted from EU funds. Private companies have invested in port area more than 260 million euro.

Latvia - the best average internet connection speed in EU. Ventspils is connected to the international telecommunication network with two independent optical submarine cables as well as four major terrestrial optical lines with a capacity of 10 Gbps.

Mr. Srinivas Ayyadevara, President, FAPCCI said that there were 57 Latvian- Indian joint ventures registered in Latvia which range from production to marketing to software development. Cumulative figures of Latvia FDI in India till 2009 amounted to US $ 0.06 million.  There is small Indian community in Riga numbering around 50 and mostly engaged in trading. In addition to that there are around 70 Indian students studying medicine and technical courses in Latvian Universities.