Baltics look to renew investments

  • 2010-06-04
  • Oskars Magone

The Baltic States are looking to spark a wave of investment as their economies start to climb back toward growth.

VILNIUS - The Baltic States have redoubled their efforts to draw foreign investment into the countries, hoping that early signs of economic recovery will be enough to renew interest.

Lithuanian Prime Minister Andrius Kubilius and Economy Minister Dainius Kreivys will be headed to Sweden on June 9 with a delegation of Lithuanian businessmen "to spread out the message to Swedish business community on Lithuania’s economic outlook and Government’s policy priorities."

"The Government of Lithuania has been actively working to promote inward foreign direct investment, giving a special priority to technology-intense and higher value added projects," a June 4 press release from the Lithuanian government said. 

"The Government’s efforts to attract investments show already concrete results," the press release said.

Latvia, for its part, is looking toward Russia for investment as relations between the two countries continue their slow thaw.

At the end of last month Yevgeny Primakov, the president of the Russia’s Chamber of Commerce and Industry, visited Latvia along with a delegation of businessmen to look into opportunities to invest in the Latvian transport sector.

"It is possible to conclude that the passive waiting period in the Russian and Latvian business strategy has ended and active and mutually beneficial business cooperation has begun," Vladimirs Makarovs, the Director of the Strategic Planning and Project Management Department at the Freeport of Riga Authority, told BC.

Estonia, meanwhile, is holding out for adoption of the euro at the beginning of next year. Prime Minister Andrus Ansip said he hopes that his country's joining the eurozone will improve investment for the entire region.

"I hope that the euro in Estonia will benefit both the Latvian and Lithuanian economies, and will make the whole region more attractive to foreign investments," he told Lithuanian daily Lietuvos Rytas in an interview.