RIGA - Latvia's companies will increasingly look toward Russia to either open or transfer production facilities to the country, Hansabank Group's head for financial transactions in Russia, Druvis Murmanis, said last week.
"There are Latvian companies that either have already transferred or are set to transfer their production facilities to Russia," said Murmanis, adding that similar address changes will happen more often in the future. He said that presently, this trend is seen among wood-processing companies.
Economist Uldis Osis shared this opinion and noted that the Russian market's purchasing power was both developing and stimulating Latvian exports and investments.
"Latvia's companies will open their branches and subsidiaries in Russia, which will make trade ties with Russia's companies stronger," he explained.