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By Shirajiv Sirimane

A high powered trade delegation from Latvia met members of the business community in Sri Lanka at the Chamber of Commerce last morning. This is the second instance that a Latvian trade delegation is visiting Sri Lanka after the opening of a Consulate of the Republic of Latvia in Sri Lanka.

The Consul of Latvia in Sri Lanka, Thomas F. Daetwyler said that Latvia is one of the fastest growing economies in Europe and Latvia is hoping to strengthen its ties with Sri Lanka and its people. He thanked the Chamber for organising a one-to-one business interview with some of the leading Sri Lanka entrepreneurs.

"When Latvia regained independence 11 years ago, it undertook to become a liberal, parliamentary democracy that respects human rights and liberties, to overhaul a bankrupt state run economy and join the free market. Due to these efforts today Latvia has a stable currency and a very low rate of inflation." He said that the country is also confident that they could join the European Union next year.

The visiting trade delegation comprised of businessmen representing steel factories, shipping agencies, Medical Academy, Riga Technical University, trade associations and manufacture of drying equipment. A member of the visiting team said that they are hoping to tie up with some of the local companies and also hope to invest in some projects. "We are looking at exporting products that have not been marketed in Latvia."

He said the objective of the visiting delegation was to explore the investment prospects in the country and to give the Sri Lankan business community an opportunity to acquaint themselves with the Latvian economic policy and trade environment.

Sri Lanka's exports to Latvia increased by 74 percent up to Rs.72.20 million in the year 2000 but imports from Latvia to Sri Lanka declined by 19 percent to Rs.2.20 million in the same year compared to the previous year.

The main exports to Latvia were tea, desiccated coconut, retreated Pneumatic tyres, fresh coconuts and garments and the imports were electrical items and apparatus for line telephones.

The visit has been organised by Honorary Consul of the Republic of Sri Lanka in Latvia, Arnis Anchupans and Honorary Consul of the Republic Latvia in Sri Lanka.

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