The trade and economic cooperation between Ukraine and Latvia is one of the fundamental pillars of the bilateral relationships, particularly in 2019 the Ukrainian bilateral trade with Latvia totalled over USD 564 million. Among the main sectors of trade and economic relationship between Ukraine and Latvia are agriculture, transport, sphere of innovations and other areas of mutual interest.
On the basis of 2020 results, the volume of trade in goods and services between Ukraine and Latvia decreased by 17.3% and amounted to USD 470.3 million (in 2019 the mutual trade turnover amounted USD 568.6 million and increased compared to 2018 by 3.1%). Thus, exports decreased by 23% and amounted to USD 271.27 million (in 2019 - USD 351 million), imports decreased by 8.5% and amounted to USD 199 million (in 2019 - USD 217.6 million). The balance is positive - USD 72.27 million.
The volume of direct investments from Latvia to Ukraine has edged up slightly higher to USD 80.5 million. The volume of Ukraine’s investments into Latvia has advanced to USD 74 million (90% - financial and insurance activity). The information is given according to the National Bank of Ukraine as of 30.09.2020.
As of February 2021, 1068, enterprises with Ukrainian investments are registered in Latvia. The main focus of investments centres upon financial and real estate businesses.
The Intergovernmental Ukrainian-Latvian Commission on Economic, Industrial and Scientific-Technical Cooperation has been functioning. The co-chair of the Commission from the Ukrainian side is the Minister of the Cabinet of Ministers of Ukraine O.Nemchinov, on the Latvian side - the Minister of Economics of Latvia J.Vitenbergs. On November 11, 2020, the 8th session of the Commission was held (by videoconference). The Sides signed the Protocol.
In 2020, the Ukrainian Embassy supported the setting up of a new interactive platform “Trade House UKRAINA” in Riga: https://thukraina.com. As such, platform is used for processing the commercial offers of Ukrainian exporters with promoting the Ukrainian goods to be traded in the European market.
EXPORTERS AND INVESTORS COUNCIL
UNDER THE MINISTRY OF FOREIGN AFFAIRS OF UKRAINE
Exporters and Investors Council (EIC) under the Ministry of Foreign Affairs of Ukraine was established in 2013 in order to safeguard national interests in Ukrainian export promotion and attraction of foreign investments to Ukraine.
EIC is a platform, which unites Ukrainian producers, exporters and leading business associations providing necessary support in promoting their goods and services abroad and entering new markets, as well as attracting foreign investors and companies to Ukraine effectively using diplomatic tools, resources and networks.
The Head of the Council is the Minister for Foreign Affairs of Ukraine.
The Council’s main objectives:
Promoting Ukrainian export and investment potential;
Creating B2B networking opportunities for Ukrainian and foreign companies;
Providing informational support and advice;
Enhancing bilateral and multilateral trade cooperation;
Providing diplomatic support in trade, investment and business events, including fairs, missions and conferences;
Organizing business conferences, seminars and workshops.
In the COVID-19 realities, the Council has shifted its focus to web and online opportunities for the businesses to harmonize its task and objectives with the new reality.
The Council represents interests of the Ukrainian companies from different sectors including:
Chemical and pharmaceutical industry;
Light industry etc.
The Council creates and maintains its database of Ukrainian producers and exporters and can assist in finding partners in Ukraine.
To expand its network The Council also cooperates with:
- Ukrainian key business, industry organizations and international/bilateral business associations uniting efforts to use diverse tools in assisting national business communities;
- Foreign trade state agencies, international business and trade associations, chambers of commerce providing members with an influential global network for business and education.