Prospects for economic cooperation discussed

On January 31, Ambassador Timur Primbetov met with the Chairman of the Board and members of the Riga Business Club at the Embassy of Kazakhstan in Latvia.

During the conversation, topical issues of trade, economic and investment cooperation, as well as prospects for further development of business ties between entrepreneurs of the two countries were discussed.

The Republic of Kazakhstan ranks fifth among the CIS countries in terms of trade with Latvia. More than 100 Latvian companies operate in Kazakhstan. An important mechanism for economic cooperation is the bilateral Intergovernmental Commission, whose regular meeting was held in November last year. There are serious prospects for cooperation in such areas as transport and logistics, IT technologies, green economy, construction industry, food and processing industry, pharmaceuticals, in which Latvia has achieved significant results.

The Kazakh diplomat paid special attention to the broad modernization agenda of the President of the country Kassym-Jomart Tokayev, focusing on socio-economic reforms aimed at creating favourable conditions for further sustainable growth of the national economy, improving legislation and economic regulation mechanisms, improving the business climate and expanding investment cooperation.

Latvian entrepreneurs confirmed their readiness and interest in expanding commercial relations with Kazakh partners in the implementation of new projects and initiatives. An agreement in principle was reached on the participation of the Riga Business Club in the preparation and holding of the Kazakh-Latvian business forum this year. Promising investment projects were presented to the meeting participants.

At the end of the conversation, the Ambassador of Kazakhstan thanked the Latvian businessmen for their interest and intentions to expand and strengthen mutually beneficial economic ties between the two countries. 

Riga Business Club was founded in 2005. The Chairman of the Board is the head of Balva SV, Vladimir Solomatin. Club members are heads of large Latvian enterprises in various sectors of the economy, the total annual turnover of which is more than one billion euros.