OREANDA-NEWS. July 23, 2013. Valdis Dombrovskis, Prime Minister of the Republic of Latvia, held a meeting with Enrico Letta, Prime Minister of the Republic of Italy.

Both officials shared the view that bilateral relations of Latvia and Italy should be developed over next years in view of Latvia’s upcoming accession to the euro zone and the Organisation for Economic Cooperation and Development (OECD), as well as the presidencies of both countries in the EU Council – on 1 January 2015 Latvia will take over the presidency from Italy.

Enrico Letta congratulated Latvia on the decision passed by the EU Ministers of Finance during their meeting to approve Latvia’s accession to the euro zone. The Italian Prime Minister emphasised that this is an important step for Europe showing positive changes in the EU and the euro zone. “Croatia which joined the EU on July 1, and Latvia are two countries which see development opportunities behind their current issues; in near future Europe will employ these opportunities for growth and development,” Enrico Letta said.

“After this crisis Europe will become stronger than it was before, and Europe’s change in attitude is already in the air. Current EU initiatives, including the Youth Employment Initiative for reduced youth unemployment, formation of the association of banks and other mechanisms aimed at returning to growth set eurosceptics at ease and restore faith in the joint European project,” Valdis Dombrovskis stressed.

Both Prime Ministers discussed experience concerning financial stabilisation and restoration of economic growth, and exchanged their views regarding the reforms required for the restoration of Europe’s competitiveness. The Heads of Government of Latvia and Italy shared the view that for this purpose the potential of the EU internal market should be exploited in a more productive way. Prime Minister Dombrovskis acknowledged the targeted moves undertaken by Italy in order to cut its budget deficit, thus strongly contributing to overcoming the eurozone crisis.

Valdis Dombrovskis expressed his gratitude to Enrico Letta for Italy’s support to the euro introduction process in Latvia, as well as to Latvia’s accession to the OECD. The Latvian Prime Minister emphasised that both targets would contribute to enhanced competitiveness of Latvia in the international markets, more successful attraction of foreign investments, including investments from Italy, and a higher rate of new jobs. The officials agreed on exchange visits of business delegations of both countries in order to seek new business contacts and opportunities for cooperation. Valdis Dombrovskis stressed that Latvia’s geographic and political location, its well-developed transit and logistics systems, access to the EU and Russia’s markets, as well as the current high rates of economic development provide many unique opportunities and benefits for Italian businesses and investors.

The Heads of Government also shared the view that the youth employment issues should be addressed both at the national and EU level in order to ensure immediate positive changes and offer Europe’s youth clear ideas regarding their career and development opportunities in their home countries.

Valdis Dombrovskis informed about the active preparation process of Latvia for its participation in EXPO 2015 in Milan during Latvia’s EU Presidency. The Latvian Prime Minister also invited Enrico Letta to visit Latvia in 2014 when Riga would hold the title of European Capital of Culture.

Currently, Italy is Latvia’s 13th most important trade partner. The trade volume of both countries in first three month this year amounted to more than 85 million EUR. In view of the fact that imports from Italy considerably exceed exports Latvia is committed to seek new opportunities for promoting exports of Latvian products and services to Italy.