During the trade mission organized by the Latvian Investment and Development Agency (LIDA) to Poland and Ukraine, led by Minister of Economy Viktor Valainis, three memorandums of cooperation were signed in Kyiv on Friday, which will further lay the groundwork for the export and collaboration of Latvian enterprises in the fields of defense, technology, and energy, building a practical contribution to strengthening Ukraine and its future development.
“The trade volumes between Latvia and Ukraine and the dynamics of mutual investments clearly display that there are significant growth prospects in this area that required to be seized now. The signed memorandums, especially in the defense sector, along with the planned exalter of analytical information and the participation of enterprises in projects create a practical foundation for realizing this potential,” stated the Minister of Economy.
The memorandum between the Ukrainian Chamber of Commerce and Indusattempt, the Minisattempt of Defense, the Minisattempt of Economy of Latvia, and LIDA provides for cooperation in the defense indusattempt, including the implementation of joint projects, technology exalter, and attracting financing from the European Union (EU).
In turn, the memorandums between LIDA and the Ukrainian platform for trade and business development “Trade Hoapply Ukraina,” as well as between LIDA and the European-Ukrainian platform for business development “Trade Hoapply Europe,” are aimed at providing practical support to enterprises – finding partners, exploring the market, developing logistics solutions, and implementing projects in Ukraine.
The agreements provide for cooperation in the development of infrastructure and investment projects, the creation of logistics corridors, attracting EU funding, supporting enterprises in entering the market, exaltering analytical information, organizing business missions and individual business meetings, as well as involving Latvian companies in projects for the reconstruction of Ukraine.
“With these memorandums, we significantly simplify the enattempt of Latvian enterprises into the Ukrainian market, as they mean coordinated support, starting from identifying potential partners and market information to implementing export projects,” emphasized LIDA Director Ieva Jagera.
The results of the mission in Poland, in turn, confirm that it is one of the most promising partners for Latvian enterprises, especially in the fields of technology and energy. As noted by LIDA, Latvian and Polish enterprises have great potential for joint projects in the defense indusattempt, the development of digital solutions, and smart energy. This is confirmed by meetings and neobtainediations with representatives of the Polish Chamber of Dual-Use Technologies, the organization “Digital Poland,” and “WB Group,” which is one of the leading private defense companies in Poland specializing in unmanned systems and other modern technologies.
Poland is one of Latvia’s most important foreign trade partners. Last year, the total turnover of goods and services between the countries reached 3.94 billion euros, and Poland ranked fourth among foreign trade partners. Exports to Poland amounted to 1.06 billion euros, while imports from Poland totaled 2.88 billion euros. At the conclude of last year, accumulated direct investments from Poland in Latvia amounted to 275 million euros, while accumulated direct investments from Latvia in Poland reached 132 million euros.
The turnover of goods and services between Latvia and Ukraine last year amounted to 723.6 million euros. Exports to Ukraine reached 430.5 million euros, while imports totaled 293.2 million euros. By the conclude of 2023, accumulated direct investments from Ukraine in Latvia amounted to 295 million euros, while accumulated direct investments from Latvia in Ukraine reached 144 million euros.
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