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LIAA’s 12th representative office opens in Tokyo, Japan
During the last two years Investment and Development Agency of Latvia (LIAA) has made increasing efforts on attracting attention from Japanese investors. In order to become more costumer-oriented, the Ministry of Economics of the Republic of Latvia which is the governing body of LIAA approved the opening of LIAA’s Japan office which took place earlier in January this year.
The main two target areas for potential Japanese investors in Latvia are:
- technology intensive production in sectors of automotive components, electronics, optics and others;
- value-added logistics operations for targeting Russian market.
Cooperation between the both countries has been considerably active with a number of business tours being held over the course of previous two years. As recognition of the efforts, the Emperor Akihito of Japan visited Latvia in May 2007 (view Issue #2 for more information). The emperor’s visit was complemented by Latvian Investment Tour which took place later in June and was organized by Mr Toru Nagatsuka, Japan Coordinator, who is promoting bilateral relationships from LIAA’s headquarters in Riga.
According to European Investment Monitor 2007 by Ernst&Young , Japan ranked 4th in number of new investment projects generated in Europe in 2006 (189 FDI projects, see table below). Since LIAA already had representative offices in the other Top5 investing countries (USA, Germany, United Kingdom and France), it was a well-reasoned step to continue global expansion by opening the 12th office specifically in Japan.
Origin of investment (source - European Investment Monitor 2007, Ernst&Young)
Please click here for full list of LIAA’s 12 representative offices.
Baltic Business and Investment Seminar in Osaka
Prior to opening the new Japan office, Baltic Business and Investment Seminar was held in Kansai region on January 17th. Organized by LIAA and Enterprise Estonia in cooperation with Kansai’s economic organizations (Kansai Economic Federation, Osaka Chamber of Commerce & Industry, Kyoto Chamber of Commerce & Industry, and Kobe Chamber of Commerce & Industry) , it gathered about sixty business people. Kansai region, i.e., Osaka, Kyoto and Kobe and the surrounding area, forms a large commercial and industrial concentration in Western Japan. Mr Masayuki Matsushita, Vice Chairman and Chairman of International Committee of the Federation, who is also Vice Chairman of PANASONIC, and the representatives of the Latvian and Estonian embassies warmly welcomed the participants and the speakers from the Baltic countries.
Mr Peteris Vaivars, Ambassador of Latvia to Japan, during the seminar in Osaka
Mr A.Ozols, Director of LIAA, and Mr R.Allikivi, Head of Economic Policy Division at the Ministry of Economics and Communications of Estonia, presented economy, business opportunities and business climate of the two countries, which were followed by introduction of visit programs and assistance to be provided by the two agencies. At the questions and answers session three questions were raised: the medical care system in Latvia, the industries which foreign investment should be considered and energy supply in the Baltics, all of which were promptly answered by the Latvian and Estonian representatives.
A reception took place after the seminar. The active exchanges at the questions and answers session and the presence of a large number of guests at the reception highlighted keen interest of Japanese business side and good results achieved by the seminar.
Opening of LIAA Office in Japan
On January 18th, a reception was held at the Embassy of Latvia in Japan for announcing the opening of the LIAA overseas office and its new representative. It was attended by more than forty representatives of leading Japanese companies, others with strong ties with Latvia as well as diplomatic corps.
Mr Dmitrijs Belousovs, newly appointed LIAA Japan Representative, is located in the Embassy of Latvia in Japan (see contact information below). Prior to joining LIAA, he worked for a well-known Latvian financial institution in Japan. Mr Belousovs has degree in finance and international relations as well as extensive experience in banking and commerce. LIAA’s Japan Representative speaks fluent Latvian, Japanese, English and Russian.
Contact information:
Mr Dmitrijs Belousovs
Embassy of the Republic of Latvia in Japan
37-11, Kamiyama-cho, Shibuya-ku, 150-0047 Tokyo, Japan
Phone: +81(03)3-3467-6888, Fax: +81(03)3-3467-6897
E-mail: dmitrijs.belousovs@liaa.gov.lv
Mr Toru Nagatsuka
Japan Coordinator
Investment and Development Agency of Latvia
Phone: (+371) 67039473
E-mail: toru.nagatsuka@liaa.gov.lv
