Rīga Port may tighten belt

The freight turnover at the Rīga Free Port has decreased by 14%, and the yearly fall in freight volume could reach 10-12%. The management of the port may revise its budget and cut investments. 

That's what Andris Ameriks, board chairman of the port (and Riga vice mayor), told Latvian Television's "Rīta Panorāma" Tuesday.

According to him, the port management is to meet PM Māris Kučinskis to discuss the situation.

"There are different instruments [for solving the problems] – they are tied to changing tariffs to more competitive ones. But it should be coordinated and tariffs should be reviewed not only by the port but by the railways as well," said Ameriks.

"It's a given that the sanctions against Russia are affecting the flow of goods, but at the same time there's no fall [in the flow of goods] at Klaipēda. So the matter should be tackled comprehensively," said Ameriks. 

He said that the port could lower expenditures by cutting investments into resource-hungry projects like that of deepening the port's basin. 

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