| Following its alliance with the European Union (EU), the | | | | Opportunities galore |
| Latvian economy has progressed on a steady growth | | | | Opportunities for investment and export for Indian |
| trajectory. The Latvian government has played an | | | | SMEs exist in areas such as chemicals, oil, leather |
| active role in promoting trade and investment in the | | | | goods and auto components. Latvia also has a |
| country. As a result, Latvia has emerged as a | | | | sizeable market for Indian vegetables and frozen |
| preferred destination for a large number of Indian | | | | foods. Indian F&B companies can therefore look |
| SMEs. | | | | at catering to the demand for such products by |
| Industrial landscape | | | | establishing trade linkages with Latvian distributors. |
| The major industries driving the Latvian economy | | | | In addition, Indian SMEs can partner with their Latvian |
| include electronics, textiles, synthetic fibres, | | | | counterparts to cooperate in areas such as |
| pharmaceuticals and agricultural machinery. | | | | pharmaceuticals, telecom, IT and ITeS, heavy |
| India and Latvia share cordial trade relations. In | | | | engineering, gems and Jewellery Manufacturers and |
| 2007-08, the total trade between the two countries | | | | biotechnology. |
| stood at $100.63 million. The major items exported by | | | | The governments of India and Latvia have also |
| India to Latvia include metal products, chemicals, | | | | realised the potential of Indo-Latvian trade relations that |
| rawhides, transport equipment and mechanical | | | | can benefit SMEs of both the countries. To support |
| appliances. Alternatively, Latvia exports food products, | | | | SMEs in the two nations, the Indian government inked |
| textiles, dyes and agriculture equipment to India. | | | | an agreement in 2001 for the promotion of science |
| Indian SMEs have found a lucrative market in Latvia, | | | | and technology (S&T) cooperation. |
| which also serves as an ideal gateway to the thriving | | | | In addition, India and Latvia signed a bilateral investment |
| Baltic market. Likewise, Latvian SMEs are also keen on | | | | promotion protection agreement last yearto enhance |
| forging strategic tie-ups and collaborations with their | | | | the scope for mutual cooperation. |
| Indian counterparts to promote commodity and | | | | Such concerted efforts will strengthen Indo-Latvian |
| technical exchange. According to trade analysts, Indian | | | | trade relations and encourage Indian SMEs to foray |
| SMEs can capitalise on the growing demand for Indian | | | | into the Latvian market. |
| goods in Latvia. | | | | |