Latvian economy minister Vjaceslavs Dombrovkis attends the opening ceremony of Severstal in Riga (photo: LETA)
Russian, Latvian relations could normalize soon amid the crisis in the Ukraine, Latvia's economy minister Vjaceslavs Dombrovskis has said.
The ministers comments come amid the opening of a new Russian backed steel production line, creating 30 new jobs in Riga.
Commenting on the impact of recent Russia, EU sanctions, Dombrovskis said the opening of the new Severstal line could improve relations between the two countries.
"Regardless of the negative impact of these sanctions, I hope that the situation will begin to normalize and that mutual economic relations will become more constructive. This is well confirmed by Russia's investment, which will open up 30 new work places in Riga."
Attending the opening ceremony at the steel production line was Russian Ambassador to Latvia Alexander Veshnyakov's opinion, expressed during the opening ceremony of the new product line.
"Despite the tough times, we see that when professionals are in charge of matters, everything goes as planned. Investing in the new facility is mutually beneficial, as it will facilitate both Latvia and Russia's economic development," Veshnyakov said.
The new equipment will provide high-quality steel products for the European Union markets. Provisional estimations indicate that the investments amounted to 2.8 million euros. The total sum of investment in reaches a figure close to 43 million euros.
(Edited by Rayyan Sabet-Parry)