Latvian and South Korean waste management companies to cooperate

On February 24, 2017, Latvian environmental management company ECO BALTIA and South Korean MECEN IPC made an agreement to cooperate in handling waste management in Latvia. ECO BALTIA CEO Māris Simanovičs and a representative Kaspars Fogelmanis spent a week in South Korea, where they visited a number of environmental management factories and met with representatives from South Korean companies working in the sector. The visit was organized by the Investment and Development Agency of Latvia (LIAA) in partnership with the Embassy of Latvia in South Korea. MECEN IPC, one of the leading environmental waste management and environmental solution companies in South Korea, and ECO BALTIA signed a memorandum of understanding in cooperation. The two companies will partner on handling waste management in Latvia.

Compared to the previous year, Latvia’s export to South Korea saw a 15% increase in 2016 reaching almost 50 million euro. Latvia and South Korea has a bilateral convention to prevent double-taxation and an investment protection agreement. Both countries also enjoy the privileges under the Free Trade Agreement between the European Union and South Korea.

LIAA is one of the partners of the Embassy of Latvia in South Korea, which opened in 2015 and is Latvia’s most recently opened embassies. The main focus of the embassy is to foster economic ties between Latvia and South Korea, inviting Latvian companies to discover more about and actively pursue South Korean market.