Business news

Latvian business eyeing Belarus’ market

MINSK, 15 February (BelTA) – More Latvian business people are launching operations in the Belarusian market, BelTA learned from Ambassador Extraordinary and Plenipotentiary of Belarus to Latvia Vasily Markovich.

“The embassy has been receiving an increasing number of requests from Latvian entrepreneurs who would like to start working in Belarus. This is, first of all, attributed to the investment policy pursued by Belarus. Belarus is among the leaders in creating favorable conditions for tech businesses. Apart from that, today our country can offer investors a truly safe and stable business environment,” the diplomat noted.

Speaking about Latvian investment in Belarus, Vasily Markovich emphasized that the Republic of Latvia is not a donor of investment, but rather a recipient.

When asked about economic relations of the two countries, the ambassador said that in 2018 Belarus’ export to Latvia was on the up and up. It was estimated at $485.6 million and was getting close to the 2015 figure of $598.1 million. The bilateral trade stood at $582.7 million last year.

The diplomat added that it is not that easy to penetrate a market. “Belarus is in the Eurasian Union, Latvia is part of the European Union. We have our own requirements, certificates, and terms of entering the market. It is painstaking daily work,” he concluded.

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