The trade and economic cooperation between Ukraine and Latvia is one of the fundamental pillars of the bilateral relationships. In 2019, the Ukrainian bilateral trade with Latvia totalled over USD 564 million (in 2018 – USD 553 million).
Pursuant to the results of export-import operations during the particular period, the trade and economic relations between Ukraine and Latvia performed with a growth rate of over 2%.
Accordingly, over the indicated period the total volume of export of goods and services contracted by 3% to USD 350 million (2018 – USD 363 million). Import grew by 12% towards USD 214 million (2018 – USD 191 million). The balance is positive – USD 136 million.
Particularly, the volume of trade in goods boosted by 4.5% to USD 467 million (2018 – USD 447 million): exports expanded by 2% to USD 300 million (2018 р. – USD 294 million), imports increased by 9% to USD 166 million (2018 р. – USD 152 million). The balance is positive – USD 110 million. Across service sectors, the trade performance fell 8% to USD 98 million (2018 – USD 107 million): exports narrowed by 27% to USD 50 million (2018 р. – USD 68 million), imports increased by 21% to USD 48 million (2018 р. – USD 38 million). The balance is negative – minus USD 2.7 million.
Among the main sectors of trade and economic relationship between Ukraine and Latvia are agriculture, transport and other areas of mutual interest.
Amid the COVID-19 pandemic and following the results covering a period of January – February 2020, trade in goods shrank by 18% to USD 53 million (2018 р. – USD 64.3 million): exports declined by 8.1% to USD 36.6 million (2018 р. – USD 40 million), imports tumbled 32.6% to USD 16.4 million (2018 р. – USD 24.3 million). The balance is positive – USD 20.2 million.
As at the beginning of 2020, the volume of direct investments from Latvia to Ukraine has edged up slightly higher to USD 44.2 million (picking up at a 2.8% rate – USD 0.2 million). The volume of Ukraine’s investments into Latvia has advanced to USD 73 million (increasing by 0.7% – USD 0.5 million).
As of May 2020, 1183 enterprises with Ukrainian investments are registered in Latvia. The main focus of investments centres upon financial and real estate businesses.
In April 2020, the Ukrainian Embassy in Latvia has supported the setting up of a new interactive online platform “Trade House UKRAINA” in Riga: https://thukraina.com/en/. Such a platform is intended for processing the commercial offers of Ukrainian exporters with promoting the Ukrainian goods to be traded in the European market. The Trade House is headed by Ms Jekaterina Petrovska (a citizen of the Republic of Latvia) serving as the Director General of the newly registered legal entity.
Chernihiv Chamber of Commerce and Industry
Dnipropetrovsk Chamber of Commerce and Industry
Donetsk Chamber of Commerce and Industry
International Chamber of Commerce (ICC) Ukraine
International Marketing Initiative Association (SMIA)
Kherson Chamber of Commerce and Industry
Khmelnytskyi Chamber of Commerce and Industry
Kiev Chamber of Commerce and Industry
Kirovohrad Chamber of Commerce and Industry
Lviv Chamber of Commerce and Industry
Nikolayevsk Chamber of Commerce and Industry
Odessa Regional Chamber of Commerce and Industry (ORTRP)
Rovensky Chamber of Commerce and Industry
Sevastopolskaya Chamber of Commerce and Industry
Sumy Chamber of Commerce and Industry
Volinska Chamber of Commerce and Industry
Zaporizhia Chamber of Commerce and Industry
UKRAINIAN CHAMBER OF COMMERCE AND INDUSTRY
The Ukrainian Chamber of Commerce and Industry (CCI) is a non-government and non-profit self-governing organisation incorporating on a voluntary basis legal entities and Ukrainian citizens registered as entrepreneurs as well as their associations. Nearly 10,000 enterprises and companies of different forms of property are now members of the Ukrainian Chamber of Commerce and Industry. The main objective of the CCI is creating favourable conditions for the entrepreneurial activity, assisting all-round development of scientific, technological and trade relations between Ukrainian economic operators and their foreign partners, representing economic concerns of the chamber members in Ukraine and overseas:
https://een.ec.europa.eu/about/branches/ua00558
Address
VELYKA ZHYTOMYRSKA ST 33
01601
KYIV
UKRAINE
+38 044 586 40 67
+38 044 584 28 24
+38 044 584 28 36
MINISTRY OF ECONOMIC DEVELOPMENT AND TRADE OF UKRAINE
The Ministry of Economy (MEDT) is a leading agency within the system of Ukraine’s government agencies and institutions, responsible for implementation of the uniform government policy of national and regional economic and social development and cooperation with the European Union. Among other actions, MEDT aims to facilitate local executive agencies and local self-governing agencies in arranging relations and ties with the European regional organizations and their participation in the European regional programs, engagement of Ukrainian enterprises, institutions and organizations in the participation of branch programs of the EU:
https://een.ec.europa.eu/about/branches/ua00847
Address
HRUSHEVSKOHO ST 12/2
01008
KYIV
UKRAINE
+38 044 596 68 53
+38 050 737 07 24
MINISTRY OF FOREIGN AFFAIRS OF UKRAINE
The Ministry of Foreign Affairs of Ukraine (MFA), namely its structural department – Mission of Ukraine to the EU (MUEU-MFA) – is a permanent diplomatic representation of Ukraine to the European Union. MUEU-MFA is a public body responsible for the development of Ukraine – EU bilateral relations in all important spheres. Having the promotion of trade and economic cooperation among its top priorities the Mission has vast experience in delivering the related services to different stakeholders. MUEU-MFA is constantly involved in a number of Ukraine-EU dialogues, namely in the fields of trade and investments, regulatory framework, SME policy, research and innovations, etc.:
https://een.ec.europa.eu/about/branches/ua00846
Address
MYKHAILIVSKA SQUARE 1
01018
KYIV
UKRAINE
+3223495190
INSTITUTE OF PHYSICS OF NATIONAL ACADEMY OF SCIENCE OF UKRAINE
The Institute of Physics (IOP) being represented in the Consortium by its Technology Transfer (TT) Department (TT-IOP) is a non-profit state organization headquartered in Kyiv. The Institute maintains a fruitful cooperation with R&D institutions worldwide. TT-IOP experts who are mainly involved in the EEN activities have experience in managing different national projects and programs aimed at stimulating technology adoption in SMEs, organization of company missions, international technology meetings, summer schools, international conferences; creation of different websites etc.:
https://een.ec.europa.eu/about/branches/ua00352
Address
NAUKI AVE 46
03680
KYIV
UKRAINE
+ 38 044 525 98 41
TARAS SHEVCHENKO NATIONAL UNIVERSITY OF KYIV
Taras Shevchenko National University of Kyiv is today a classic university with a distinct research profile, and the leading contemporary academic and educational hub of Ukraine. The high status of a classical research University is underpinned by the numerous academic achievements. There are 13 Faculties within the University, inter alia, Cybernetics, Mathematics and Mechanics, Information Technology, Radio Physics, Electronics and Computer Systems, Physics, Chemistry and others. Kyiv University has a number of other facilities such as the High Technology Centre, the Institute of Geology, the Institute of Biology, Optical and Mechanical College, Geological Exploring College, Physical and Mathematical Lyceum. The University has bilateral partnership agreements with 227 foreign educational and scientific institutions from 57 countries:
https://een.ec.europa.eu/about/branches/ua00524
Address
VOLODYMYRSKA ST 60
01033
KYIV
UKRAINE
+38-044 521 35 41
DNIPROPETROVSK REGIONAL PUBLIC ORGANIZATION “DNIPRO ASSOCIATION “SPOZHYVACH”
Association “Spozhyvach” is a non-government organization that unites businesses representing different branches of Ukrainian industry (agriculture, food, energy, machine building, construction, ICT). The first priority for Association is to contribute to the sustainable growth of its members by means of internationalization. Association has accumulated experience in facilitation of cross-border partnerships:
https://een.ec.europa.eu/about/branches/ua00855
Address
NADII ALEKSEENKO ST 74
49006
DNIPRO
UKRAINE
+380973893553