Thu, 02 Jul 2020

RIGA, June 4 (Xinhua) -- The Latvian Investment and Development Agency has decided to reorganize its network of economic representations abroad, after consulting entrepreneurs' organizations and the national exporters' association.

The government agency, which is responsible for facilitating Latvian businesses' operations in foreign countries and attracting foreign investment in Latvia, said on Wednesday that it will close economic representations in four countries and open new ones in four other countries.

At present, Latvia has economic representations in 20 countries. Those in Lithuania, Poland, Kazakhstan and Singapore will be closed, and the economic representation in India will be closed temporarily, the agency said.

Meanwhile, it plans to open new economic representative offices in Belgium, South Korea, Canada and Austria.

The agency's director Kaspars Rozkalns said in a statement to the media that Latvian entrepreneurs are feeling increasingly comfortable in neighboring markets and can manage without representatives' assistance, but more support is necessary to Latvians doing business in distant markets where they have no previous experience.

"For that reason, we want to focus more on providing support to entrepreneurs in distant markets, increasingly involving professional Latvian expatriates residing in these countries," said Rozkalns.

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