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Ukraine crisis has not affected Latvian businesses, claims expert

Aug 05, 2014
From wire reports, RIGA

Ukraine crisis has not affected Latvian businesses, claims expert

The crisis in Ukraine has not prompted Latvian firms to leave the market, Latvian Investment and Development Agency representative in Ukraine Aris Kotans has claimed.

Kotans said that Ukraine is currently undergoing rapid changes that affect all areas but businesses should not leave the Ukraine despite the sensitive situation in the country.

"People in eastern Ukraine are mostly buying only staples, while trade volumes in the rest of the country's territory are decreasing. In general, business here is in a waiting phase," Kotans said.

He added that the agency in Ukraine has no information on whether any of the Latvian businesses operating in Ukraine have left the market.

"If someone has left the Ukrainian market, the question would be - for how long. Long-term players are able to slow down their business in Ukraine, as it is unreasonable to completely exit the market," Kotans told nozare.lv.

According to him, the Latvian Investment and Development Agency's representation in Ukraine is doing enough, as it is mostly addressed by those Latvian enterprises that are still planning to export their goods to Ukraine.

Kotans suggests that these enterprises should visit trade fairs related to their business line in Kiev in order to gather information about the market features and participants in Ukraine.

He also reminded that Latvian businessmen have no reason to worry about high customs duty on import or corruption in Ukraine, as "many factors indicate positive changes due to the Association Agreement signed by the European Union and Ukraine in Brussels on July 27".

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