Businesses from the West Midlands will be given an insight into doing business with one of Northern Europe’s fastest-growing countries later this month.
The Latvian Prime Minister will travel to the region to address a select group of companies about the opportunities of doing business in the Baltic state on January 21, with infrastructure projects, advanced manufacturing, medical devices and a thriving ICT sector on the agenda.
Valdis Dombrovski, who will be joined by investors and firms from both nations at Warwick University’s International Digital Lab, will outline how the country is committed to building stronger links with businesses in the West Midlands and how it has already attracted over €8 billion in direct foreign investment.
The visit is being organised by the Midlands World Trade Forum (MWTF) in partnership with the Latvian Embassy and the Investment and Development Agency of Latvia.
The seminar will also examine the exciting launch of Polaris – a new strategy to support new and existing investors focused on high value-added activities.
Deb Leary, chair of the MWTF, said: “Latvia is a country rich in potential for West Midlands’ exporters, with its excellent geographical location as a gateway to Russia and high quality labour force making it an ideal trade partner.
“There is a great ‘can do attitude’ currently present from its Government and specific opportunities in medical technologies and advanced manufacturing, not to mention a host of new infrastructure projects that firms can get involved in.”
She added: “Latvia’s credit rating was also raised one step by worldwide leader of financial- market intelligence Standard & Poor’s in December, which cited the economy as ‘rebalancing quickly’.”
At the end of the 3rd quarter of 2009, the UK was Latvia’s 8th largest export partner and the 20th largest import partner.
The largest groups of commodities imported from the UK to Latvia were machinery and mechanical appliances and electrical equipment (20 per cent of the total UK export to Latvia) followed by chemicals and allied industries (16 per cent), textiles and textiles articles (15 per cent) and food industry products (eight per cent)
Ms Leary concluded: “This event will give a valuable insight into what is happening over there and one that should not be missed for exporters looking at routes to a relatively new international market.”
Places for the event are free and can be reserved by contacting Amar Daji on 0121 607 1831 or email a.daji@mwtf.org.uk.
