Latvian entrepreneurs, especially builders, have strong interest in British market

RIGA, Jan 10, BNS - Latvian entrepreneurs, especially construction firms, have strong interest in the British market, said Guntis Rubins, Head of the Investment & Development Agency of Latvia (LIAA) Representative Office in Great Britain.

"Interest on the part of Latvians is strong, because the local market has become very small, so entrepreneurs are looking for export opportunities much more actively. This is the positive contribution of the crisis. Data also suggests that exports from Latvia are growing," the head of the LIAA representation said.

He noted that construction, an industry that suffered most from the crisis, is now one of the most active in seeking export opportunities. "Just like mechanical engineering, metalworking and the timber industries, which have been active and export-oriented all along. But it has also made an extra effort to get new orders and keep the existing ones, because this industry too saw its market contracting and had to regroup and look for improvement," Rubins told BNS.

The crisis in Latvia has been a good time for entrepreneurs to revise their operations and make them more productive and efficient. "From that viewpoint, crises are extremely healthy," the LIAA representative said.

He also noted that the timber industry was Latvia's main export industry in Great Britain. "Speaking about Great Britain, it is the timber industry, which has been in this market traditionally and is competitive there, simply because we have the resources. In Great Britain forests have been logged already. Because of their past mistaken policies, they have virtually no forests anymore. Our timber producers, however, should climb higher in this supply structure. If we look at the structure of our supplies -- what is the share of design furniture? The difference between a log and design furniture or paper is very significant. If we compare Latvia and Germany, the value added of Latvia is still much smaller. But the good news is that it is growing. But it takes time," said Rubins.