Investment in Latvia
The climate for foreign investment in Latvia
Latvia is an open economy with good growth potential and a skilled labour force. Supporting foreign investment, the Latvian government has launched the POLARIS process (http://www.polarisprocess.com/) in order to stimulate economic growth by attracting investment. To successfully achieve this, the POLARIS strategy aims to unite the public sector (governmental bodies and local councils), the private sector (in the form of local and international enterprises) and Latvia’s leading academic and research bodies in an alliance that will work together to drive economic growth. After 3 years of researching world economic trends, Latvia has potential and expertise seven target sectors based on competitive advantages which Latvia has established. In 2012 an additional sector – Food Processing – was added to this list.
Latvia particularly focuses on and sees potential investment opportunities for foreign investments in these sectors:
- Information Technology
- Green Technology
- Life Sciences
- Transportation and Logistics
- Metalworking, Machinery and Electronics
- Food Processing
China's Twelve Measures for Promoting Friendly Cooperation with Central and Eastern European Countries
- Set up a secretariat for cooperation between China and central and eastern European countries. The secretariat will be based in China's Ministry of Foreign Affairs, and charged with communication and coordination on matters related to cooperation, preparation for leaders' meetings and business forums and implementation of relevant outcomes. The 16 central and eastern European countries will, in the principle of voluntarism, each designate a counterpart department and a coordinator to take part in the work of the secretariat.
- Establish a US$10 billion special credit line, a certain proportion of which will be concessional loans, with a focus on cooperation projects in such areas as infrastructure, high and new technologies, and green economy. The 16 central and eastern European countries may file project application to the National Development Bank of China, Export and Import Bank of China, Industrial and Commercial Bank of China, Construction Bank of China, Bank of China or China Citic Bank.
- Set up an investment cooperation fund between China and central and eastern European countries with the goal of raising US$500 million in the first stage.
- China will send trade and investment promotion missions to central and eastern European countries and take concrete steps to move forward bilateral economic cooperation and trade. China would like to work with the 16 central and eastern European countries to increase total two-way trade to US$100 billion by 2015.
- China will, in the light of actual conditions and needs of central and eastern European countries, encourage Chinese enterprises to cooperate with relevant countries to establish one economic and technological zone in each country in the next five years. China will continue to encourage and support more Chinese enterprises to take part in the development of existing economic and technological zones in the relevant countries.
- China stands ready to actively explore with the 16 central and eastern European countries financial cooperation such as currency swap, local currency settlement for cross-border trade, and establishment of bank branches in each other's countries, with a view to enhancing support and services for practical cooperation.
- Establish an expert advisory committee on the construction of transportation network between China and central and eastern European countries. With the Ministry of Commerce of China as the coordinator and the 16 central and eastern European countries participating on a voluntary basis, China and the European countries will explore the building of regional highway or railway demonstration networks through joint venture, joint contracting and other means.
- Propose to hold a forum on cultural cooperation between China and central and eastern European countries in 2013 in China and, in this context, hold regular high-level and expert meetings on culture, cultural festivals and theme activities.
- Provide 5,000 scholarships to the 16 central and eastern European countries in the next five years. Support the Confucius Institutes and Confucius Classrooms program in the 16 countries and invite 1,000 students from relevant countries to study the Chinese language in China in the next five years. Enhance inter-university exchanges and joint academic research, and send 1,000 students and scholars to the 16 countries in the next five years. The Ministry of Education of China plans to host an education policy dialogue with central and eastern European countries next year.
- Propose to establish a tourism promotion alliance between China and central and eastern European countries, which will be coordinated by China Tourism Administration and open to participation by civil aviation authorities, travel agencies and airline companies of the two sides. The purpose is to enhance mutual business promotion and joint tourist destination development, and explore the possibility of opening more direct flights between China and the 16 central and eastern European countries. China Tourism Administration plans to co-organize a tourism products promotion for China and central and eastern European countries during the China International Tourism Mart to be held in Shanghai this autumn.
- Establish a research fund on relations between China and central and eastern European countries. China is ready to provide RMB2 million yuan every year to support academic exchanges between research institutes and scholars of the two sides.
- China plans to host the first young political leaders forum of China and central and eastern European countries in 2013 and invite youth representatives from both sides to the forum to enhance mutual understanding and friendship.
Copyright © 1998-2005, Ministry of Foreign Affairs, the People's Republic of China