Industry & Economy
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Foreign Trade
`Latvia can serve as gateway to tap EU markets'
Our Bureau
New Delhi
,
Nov. 28
LATVIA, because of its strategic geographical location could become a gateway for Indian businessmen to the European Union (EU) and the Commonwealth of Independent States (CIS), Mr Ainars Slesers, Deputy Prime Minister of Latvia, said here on Friday.
Inaugurating the first India-Latvia Joint Business Council (JBC) organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Slesers highlighted that his country has been witnessing faster growth having 7.5 per cent GDP as of now. He further stated that Latvia is going to become a part of the EU in May 2004.
The Minister expressed that since Latvian ports are strategically located, India can exploit its closer ties with Latvia to tap the EU markets.
He stated that he would like to see Latvia as a business and financial centre. In this regard, he added, that the corporate tax in his country has been reduced from 25 per cent to 15 per cent.
In his observations, Mr Anil Wadhwa, Joint Secretary, Ministry of External Affairs, stressed that the economic relations need to match up to the political relations shared by the two countries.
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