OREANDA-NEWS. February 21, 2011. Belarus and Latvia have potential for increasing mutual trade, First Vice Premier of Belarus Vladimir Semashko told the official delegation of Riga.

In his words, the bilateral trade exceeds USD 1 billion. In 2010 it made up USD 1.032 billion. The two countries have a potential for further expansion of trade and economic cooperation. “USD 1 billion is actually far from the sum we may have in mutual trade. I think the two countries are able to double and even treble it,” Vladimir Semashko said.

Vladimir Semashko noted that Latvia is one of Belarus’ major trading partners. In Latvia there are nearly 700 companies with Belarusian capital, while in Belarus there are almost 250 Latvia-funded organizations. “Latvia should consider prospects for further cooperation with Belarus taking into account Belarus’ participation in the Customs Union with Russia and Kazakhstan. This is a 170-million-strong market. Belarus and Latvia can use these advantages by setting up more joint companies,” he is confident.

Vladimir Semashko also mentioned the formation of the Single Economic Space of the Customs Union. “Thanks to it Belarus today imports Russian oil and gas without duties and limits,” he said. It also creates favorable conditions for opening new manufactures.

Vladimir Semashko paid attention to the fact that Belarus has been improving its investment climate year by year. Directive No 4 has been designed exactly for these purposes. “It provides major approaches to small and medium-sized business as well as foreign business,” Vladimir Semashko said.

As regards the prospects for expanding cooperation with the Freeport of Riga, the First Vice Premier noted that there is a great potential for increasing the transshipment of Belarusian cargo via the port. Belarus exports annually up to 15 million tonnes of oil, eight million tonnes of potash fertilizers, loose goods, timber and equipment. Minsk Tractor Works is the world’s leading producer of wheeled tractors. “We are reaching 65,000 tractors in export and we will try to make it 100,000-105,000 tractors by 2015,” he said.

Vladimir Semashko expressed hope that the visit of the Riga delegation to Minsk will make its contribution to the development of trade and economic relations between the two countries. “We are ready to discuss any issues regarding bilateral cooperation,” the First Vice Premier concluded.

Latvia is ready to build a terminal for transshipment of Belarusian freight in the Freeport of Riga, Chairman of the Board of Freeport of Riga, Deputy Chairman of the Riga City Hall Andris Ameriks told Vladimir Semashko at his part.

“We are ready to construct a terminal for handling Belarusian cargo. This is one of the economically sound scenarios for bilateral cooperation,” Andris Ameriks stressed.

According to the Latvian official, the main thing for the two sides is to discuss the groups of commodities which are of interest for the port. Among them are potash fertilizers and oil products. “Last year we handled nearly 1,3 million tonnes of Belarusian oil products. We are ready to grant privileges for bigger volumes of goods,” Andris Ameriks said. “There is also a chance of increasing the export of Belarusian tractors via the Freeport of Riga. We are ready to cooperate with Belarus in this area,” he added.

Andris Ameriks noted that while in Minsk the official delegation of Riga is expected to visit four large Belarusian companies. It has already paid a visit to Belkommunmash and met with representatives of Belneftekhim. “In Belkommunmash we have discussed a possibility of partaking in a tender for supplying trams and trolleybuses,” he said. The Riga delegation is expected to meet with the authorities of MAZ and MTZ companies.

“We see great prospects for cooperation and expanding transshipment of Belarusian cargo,” the Latvian official said. In his words, the delegation of Riga has come to Belarus to consider three major issues concerning bilateral cooperation. This is a joint project with Belkommunmash, a building insulation project in Riga with the participation of Belarusian specialists and prospects for expanding transit of Belarusian freight via the Freeport of Riga.