Latvian companies receive trade awards

RIGA, (BNS) - Three German trade awards were presented to Latvian companies in a ceremony Dec. 7.

The wood-processing company Balts and the producer of power distribution equipment Jauda received two of the awards, while the Latvian Hairdressers Association got a special award.

The jury decided to give the association the special award after hard scrutiny to select the winner among many high-level companies participating in the contest.

It was noted that Latvian exports to Germany had increased by 16.8 percent in the first eight months of 2000 while German imports to Latvia increased by 16.4 percent, which indicates the growing ability of Latvian companies to put their products on the European market.

Latvian Economics Ministry top official Kaspars Gerhards said that this year Germany had become Latvia's major partner in foreign trade relations in regards to both investments and services as well as finances. Twelve companies from all over Latvia participated in the competition for the German trade award this year.

The award is aimed at promoting the development of economic ties between Germany and Latvia and motivating Latvian companies to cooperate with German partners.

Up to now, the German trade award contest has been organized by the German-Latvian economic contact promotion project IKD but in future this responsibility will be assumed by the German economic representation in Latvia.

This is the fourth year in which German trade awards were distributed among Latvian companies.