Kazakhstan and Latvia significantly increase mutual trade

By Trend

The value of mutual trade of goods and services between Kazakhstan and Latvia has exceeded 110 million euro in 2018 and the same positive dynamic is obs?rved in 1H2019, the Ministry of Foreign Affairs of Latvia told Trend.

"Today we can clearly say that Kazakhstan is an important trade partner of Latvia in Central Asia. Favorable political interaction provides for establishment of business contacts and development of economic cooperation overall," the source in the ministry said.

The source further stated that the geographical benefits and productive cooperation between countries is the key to partnership development.

"The well-developed infrastructure and contacts with China as well as other countries of Central Asia are among benefits of Kazakhstan. In turn, Latvia can provide Kazakhstan with access to Northern Europe," the source stated.

According to the source in MFA, both countries seek to increase and strengthen existing trade and economic partnership by developing untapped cooperation potential.

"The countries’ efforts are aimed at improvement of mutual trade structure, its qualitative and quantitative characteristics. The value of mutual trade in 2018 exceeded 110 million euro and we can gladly inform that the same positive dynamic in mutual trade is observed in 1H2019," the source in the ministry added.

According to the information provided, a significant increase in mutual goods turnover (by 36 percent) between countries is observed compared to the same period of last year.

"Latvia exports to Kazakhstan mainly items of food, chemical and related industries, as well as machinery and electrical equipment, whereas it imports from Kazakhstan goods of vegetal and food products," the source noted.

The source in the ministry also pointed out that Kazakhstan is 21st among foreign investors of Latvia and is comparable with Poland, Italy and Ireland. Kazakhstan has invested into the fixed capital of 130 ventures in Latvia.

"This is a very good indicator. Latvia and Kazakhstan have put efforts into creating and supporting joint ventures, which work in light and food industries, in the area of agriculture and food items processing, real estate, transport and logistics, medicine, tourism and other spheres of activities," the source concluded.