Uzbekistan launches trade center in Riga

As Islam Kadirov, Uzbekistan’s 77-year-old democratically elected authoritarian president prepared to keep going as the Central Asian former Soviet Union country’s head-of-state after winning elections by a more than 90% margin over any other canditate, the Exports & Trading House Uzbekistan was opened in Riga Monday.

The goal of the newly-launched business center is to increase trade in goods and services between Uzbekistan and EU member states, Florens Jansons, the official representative of the Latvian Chamber of Commerce and Industry to Central Asian states and a member of the Global Getaway management board, told BNS.

Jansons said that Uzbekistan's new trading house will let Latvian entrepreneurs import goods of nearly any kind from Uzbekistan using open account payments or working on consignment. "This was made possible thanks to an agreement with our Uzbek partners and some short-term loans," Jansons said.

The business promotion group for this regional trade sees Uzbekistan as one of the fastest-growing markets in Asia.

In 2014, Latvia exported €49.808 million worth of goods to Uzbekistan, which accounted for 0.5% of Latvia's total exports, while imports from Uzbekistan totaled €8.972 million, or 0.1% of Latvia's total imports, according to data from Latvia’s Central Statistics Office.

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Economy
Economy