China, EU – Baltic States, Latvia, Legislation, Markets and Companies, Technology

Andris Berzins at the meeting with Luvsanvandan Bold. Riga, 27.01.2014. Photo: president.lv

Latvia wishes to develop political and economic cooperation with Mongolia, said Rinkevics, adding that this was in line with Latvia's priorities for the country's presidency at the Council of the European Union. "The economic cooperation will be based on our export of food products to Mongolia and import of textiles in Latvia. We hope to also develop closer cooperation in other areas – construction, mechanical engineering, transit and logistics. We are interested in consulting with our colleagues to better understand those matters that may seem slightly different from Riga. Also, we hope to use our ports to export Mongolia's products to Europe," said Rinkevics.

Development of the legislative basis for both countries' cooperation is necessary to achieve this, added Rinkevics.

Bold said in turn that he was pleased at the opportunity to meet Latvian businessmen, adding that his visit could prompt businessmen in Mongolia to seek new contacts in Latvia.

Mongolia is a landlocked country and its policy is aimed at developing closer cooperation with new partners, including the EU, said Bold. He added he was impressed by Latvian IT companies' presentations and they could attract Mongolian market's notice. During the soviet period, every Mongolian family had a Latvia-produced VEF radio, and Mongolians would be willing to have Latvian products at this time too, he said.

During a meeting with Latvian President Andris Berzins in the afternoon, both officials confirmed that they wish to continue to strengthen political contacts so as to establish prerequisites for economic, educational and cultural cooperation. Berzins and a large delegation from Latvia plan to visit Mongolia this year as the next step in strengthening relations between the two countries, LETA learned from President's Chancery.

Bold particularly focused on his country's democratic development and its purposeful move toward stronger relations with EU member states, adding that Latvia was seen as a partner in this process. He also said that Mongolia wished to expand human contacts between the two countries by launching negotiations on easing up the visa regime.

Berzins told the Mongolian minister that Latvia could offer a wide range of areas where cooperation could be enhanced in the area of education, including music and the arts.

Bold pointed out the Partnership Agreement between the EU and Mongolia that was penciled in 2012. The minister expressed hope that Latvia would support the ratification of the agreement, and Berzins confirmed that Latvia would do so.

Mongolia is one of Asia's largest countries, and in recent years it has distinguished itself with one of the most rapidly growing economies in the world. Mongolia experienced gross domestic product growth of 17.5% and 12.3% in 2011 and 2012 respectively. In 2012, trade volumes between Latvia and Mongolia reached a value of EUR 3.7 million, and Mongolia was in 84th place among Latvia's foreign trade partners. The two countries have a positive and increasing trade balance. Latvia mostly exports food products and metal products to Mongolia, while imports from Mongolia are dominated by textiles.