OREANDA-NEWS. August 23, 2011. Prime Minister Valdis Dombrovskis and Ambassador of Canada Scott Heatherington shared the same opinion that Latvia and Canada have established close and good relations in many significant areas. However, there is still much unused potential for cooperation between the two countries, particularly in trade and investment attraction. Today the Ambassador paid his farewell visit.

During the conversation, S.Heatherington expressed appreciation to Latvia for its accomplishments to overcome the financial crisis and stabilize the economy in a short period of time. He said that the Canadian side is interested in strengthening of cooperation with Latvia, particularly in the area of energy and logistics.

“The 2012 budget will be the last one where Latvia will need to implement the budget consolidation measures. Once we have fulfilled the conditions of international creditors, Latvia will be able to participate more actively in international projects,” said the Prime Minister, expressing the hope that the growing economic relations between Latvia and Canada will contribute to the development of infrastructure.

The Prime Minister thanked the Ambassador for active cooperation during his term of office.

Latvia-Canada trade indicators:
In 2010, the foreign trade turnover of Latvia and Canada amounted to approximately EUR 62.75 million, thereby ranking Canada in the 29th place among the foreign trade partners of Latvia. In 2010, the trade turnover between Latvia and Canada has increased by 311% compared to 2009, incl., the Latvian export volume has increased by 21% or about EUR 1.36 million, while the imports from Canada have increased by 690% or approximately EUR 48 million. In 2010, the spirits (35.1%) and industrial goods (electronics, furniture, fibreglass products and optical devices - a total of approximately 44%) dominate in the Latvian exports.