Latvia is interested to develop its circulation economy

Mrs Riitta Korpivaara, Ambassador of Finland to Latvia met with the members of the Finnish-Latvian Business Association in Helsinki on the 21st January 2019.

Latvia is one of the fastest growing states in the EU with the GDP growth of 3.9 per cent in 2018.  GDP is expected to grow by 3 per cent in 2019. Construction, IT and tourism are the main growth sectors. Latvia is very advantageously situated for transit trade, in which it engages largely.

Parliamentary elections took place in Latvia in October 2018. Participation of voters was low, only 54.6 per cent.  One third of the members of Saeima, the Latvian Parliament are new and female. Political field is very fragmented. Prime Minister candidate Mr Krišjānis Kariņš, New Unity, is expected to form the Government by the end of January. His administration would focus on strengthening the financial sector, respect the rule of law, combat corruption and shadow economy. The aim is also to improve healthcare sector, make territorial reforms and pay attention to demographic matters and attract people to stay in Latvia as 20 per cent of the population has moved out from Latvia since its independence.

Latvians have a growing interest towards circulation economy and renewable energy.  Level of recycling in Latvia is rather low compared with the other EU Member States. Finnish companies would have a lot to offer for Latvians when they continue developing their circulation economy.

The Embassy of Finland has close cooperation with Finnish Chamber of Commerce in Latvia, the counterpart for the Finnish-Latvian Business Association in Helsinki.

 Anne Hatanpää
anne.hatanpaa@chamber.fi