OREANDA-NEWS. On 24 February 2009 was announced, that Belarus and Latvia need to maintain a high rate of growth of the bilateral trade, said President of the Republic of Belarus Alexander Lukashenko at a meeting with Premier Ivars Godmanis of the Republic of Latvia.

The bilateral trade last year was USD 2.32 thousand million, having upped more than two times from 2007. Belarus’ exports increased 2.2 times to USD 2.18 thousand million. ‘God help us to maintain the high rate of trade growth in this difficult time. There may be some reduction, but it should be a well-grounded natural process. But still it would be better for us to maintain today’s momentum’, said the President.

The growth of Belarus’ exports in 2008 came mainly due to supplies of oil products. Other export items included products of the chemical industry, semi-finished products, carbon steel rods and tractors. Latvia’s imports included fish, frozen and tinned, fodder for farm animals, medicine, hardware and fabrics.

Alexander Lukashenko has thanked the Latvian Premier not only for Latvia’s policy towards Belarus, but also for his personal contribution and understanding of the situation, for the level of relationship that Belarus has with Latvia.

Since 2005, there have been annual meetings of the Belarusian-Latvian intergovernmental commission for economic, scientific and technical cooperation, bilateral forums, mutual visits of representatives of Belarus and Latvian business circles. In 2002-2008 around USD 600 million of Latvian investment came to Belarus. In 2008, notwithstanding the crisis in the Latvian economy,USD 97.7 million of Latvian investment came to Belarus, including USD 36 million of direct investment. Latvia is important to Belarus as a transit country for Belarusian cargo, first of all oil products and potash fertilisers.

The Head of State has said he will gladly discuss the bilateral issues facing the two countries, and given his assurances that ‘if they originate in Belarus, than all the problems will be resolved effectively in the near future’.

For his part, the Latvian Premier has said today’s situation in the world pushes the two countries to intensify co-operation. Belarus has an efficient economy, he said, and Latvia may offer its high-quality services, in particular, in using ports and train infrastructure. According to Ivars Godmanis, there is a need to find additional ways to expand export and import. Belarus and Latvia have good opportunities for expanding co-operation in investment, he added. ‘We should not only create a wholesome environment, but also ensure security of investments’, he said. The two countries have a good foundation for creating joint ventures, the Latvian Premier added.