Interest of Estonian businessmen towards Latvia is high
13.09.2010, 09:59The interest of Estonian businessmen towards Latvia is definitely the highest for the last six years, Inga Ulmane who is export project manager of GatewayBaltic, an export consulting and research company with operations in all three Baltic countries, told aripaev.ee
This view is upheld also by trade statistics. According to Statistics Estonia, Estonian exports to Latvia were up 20% in the first half year on year. Latvia's share in Estonian exports is now 9%. The trade growth has been even faster for imports where Latvia accounts for 11% of Estonian imports. Estonia imported 44% more than a year earlier in the first half.
"During the six years that GatewayBaltic has operated in Latvia, the interest of Estonian businessmen has never been as high as in the last six to eight months," said Ulmane.
Ulmane said that usually Estonian businessmen looking for partners in Latvia prepare a market study. "They want to be convinced that the Latvian market and the conditions of companies is as required," he added. According to Ulmane, the biggest interest is in the field of construction, information technology and food and printing industry.
"For instance, Baltic grocery chains are focusing on developing private labels that offer good export opportunities for the food industry. It has been a remarkable trend in the segment of milk products and soft drinks," said Ulmane.
Urmas Jõgeva, CEO of Värska Vesi that extracts and bottles mineral water in Estonia, said that the company has excess capacity and has been actively expanding into Latvia in recent years. "We are unique on the market because we have natural mineral water. It has been two years that we have been present more or less in all larger retail chains. Our distributor in Latvia has shown good initiative."
Jõgeva said that the situation in Latvia was not as good as in Estonia, but sales were normal and money was flowing. "The situation in Latvia is not exactly an SOS," he added.