BELARUS NEWS AND ANALYSIS

DATE:

13/11/2008

Everybody wants good neighbors: Belarus-Expo in Latvia

Eugene Eteris, From Riga Central Exhibition Hall, Latvia

The signs of fruitful and mutually beneficial relations between Belarus and Latvia are clearly seen presently in all parts of the country: thus, comfortable trolleybuses are crossing Latvian capital's streets in various directions. Bilateral trade this year is expected to exceed 2 bln dollars. Another vital step in these relations was made yesterday when the two countries' prime-ministers, Ivars Godmanis of Latvia and Sergey Sidorskij of Belarus opened on the territory of Latvian Central Exhibition Hall in Riga a new "Belarus-Expo".

Country's growing economy

Belarusian foreign trade reached 44,1 bln USD in the first half of 2008, which is about 60% more than in the same period last year. Belarus has had stable trade relations with 173 countries: the country's goods are exported to 130 countries and imports coming from 159. However, the country has a deficit of about 3 bln USD in foreign trade, mainly due to recent export price increase.

As to Latvian-Belarus trade, its turnover has grown 2,5 times this year compared with the same period in 2007. Belarus Ambassador in Latvia, Alexandr Gerasimenko mentioned the following figures: Belarus export to Latvia reached 1,3 bln USD this year and import from Latvia -about 83 mln USD.

Total foreign investments reached 3,3 bln USD in the first half of this year; about half of it has been invested into various kinds of industrial sector development. It seems that foreign investors can see definite advantages in Belarusian economy.

Dynamic development

The exhibition has clearly shown a perspective and dynamic growth in all country's economy sectors, from utilities and transport to various consumer goods. More than 130 stalls from various parts of the country producing furniture and shoes, tires and chemicals, beverages and trucks attracted visitors' attention. It is important to mention that about 1,7 thousand various industrial and consumers' items are already certified for export to the European Union countries.

Cooperation in credit and financial market is becoming ever more important. Thus, Latvian Reitumu Banka has acquired a couple of Belarusian companies recently, i.e. Westleasing and Westtrans. Biggest Baltic insurance group Ergo entered into joint venture with the neighbor's Baso company.

Next week, on the 18th of November Belarus will take part in an international investment forum in London.

Overcoming differences

The exhibition's visitors more than once mentioned the differences in the two countries' economic structures and policies. Thus, service sectors are domination in Latvian GDP while industry -in Belarusian. However just a couple of decades back the differences were minimal.

Still potentials in bilateral trade are great, e.g. Belarus primer mentioned heavy-truck plant construction in Latvian city of Elgava.

The public interest revealed at the exhibition has shown that mutual relations will be growing and expending for the benefit of the two neighboring countries.

Source:

http://www.baltic-course.com/eng/baltics_cis/?doc=7094

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