Latvia’s Foreign Affairs Service will especially support Latvian businesses in exploring new markets – mainly in Australia, New Zealand, Africa and Latin America, said Minister of Foreign Affairs Edgars Rinkēvičs during annual foreign affairs debased in the Saeima on Thursday, the 26th of January.
The minister also said the country needs to support business-able people in various diaspora, which can contribute a great deal to the development of Latvia’s national economy, as well as language, culture and traditions.
The pandemic and the Russian-Ukrainian war have forced many Latvian businessmen change their supply chains for raw materials and move to other markets, said the politician.
Rinkēvičs explained that
in this situation it is the duty of Latvia’s foreign service is providing support in diversifying trade.
The use of European Union (EU) Free Trade Agreement is one strong tool to accomplish this, as it makes it easier for businessmen to access markets of third countries.
Latvia should use the opportunities provided by the World Trade Organisation and OECD. «Sectors with high added value are currently the priority to help promote exports. This include bio-medicine, smart materials, ICT technologies, construction and pharmaceuticals,» said the minister. Rinkēvičs stressed that the main emphasis is put on attraction of investments from OECD member states through increase of investments into knowledge-intensive industries.
Rinkēvičs also stressed Latvia has a widely rooted diaspora that has a large potential.
The ministry is aware there are highly professional workers in many companies. They have expressed readiness to share their knowledge and experience for the benefit of the country’s development. In the foreseeable future it is necessary to create all possible conditions to form close cooperation between the state and professionals, ensure attraction of talents and knowledge, said the minister.
Looking at the future, it is necessary to keep in mind that youngsters play a large role in maintaining ties with diaspora. In a situation of modern globalisation, youngsters are at risk of assimilation the most. This is why we have made work with youth as one of the main priorities for 2023, said Rinkēvičs.
Also read: State support – only if a sector of economy is at risk, says Latvian minister
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