Armenian-Latvian economic cooperation might assist both countries to both overcome global crisis and develop economy, Latvian Economy Minister Artis Kampars stated at the Armenian-Latvian business forum in Yerevan. He underlined that under global crisis, it is of paramount importance to draw attention to stability of banking sector and creation of favorable business environment.

According to him, Latvia is ready to expand cooperation in chemical industry, tourism and finance sectors. RA Economy Minister Nerses Yeritsyan said that bilateral cooperation in high-tech industry will also be fruitful. “Both states have certain achievements in this field and good results can be achieved through mutual cooperation, including involvement of regional markets: Armenia — also using regional markets: Baltic and Scandinavian for Armenia and Middle Eastern — for Latvia.”

The Head of Armenian Development Agency Robert Harutyunyan pointed out that bilateral trade turnover totaled $19m 433 thousand in 2004-2008, of which $11m 283 thousand only last year. Armenia’s export rate reached $1m 170 thousand having imported from Latvia locomotives, meat and fish products, whereas vinegar, alcoholic beverages and optics – exported to Latvia. However, as a result of crisis trade turnover this year declined.

Some Latvian businessmen familiarized themselves with Armenian market. Speaking to journalists, they expressed consent with the quality of Armenia fruits, however dissatisfaction with fish products. One of “Columbia” company top mangers Igor Krupnik informed that knows what his company has to import from Armenia. “Armenian fruits are good, Latvia has top quality fish products, so we can exchange the commodities,” he emphasized.

A.G.