The economic representative office of the Latvian Investment and Development Agency (LIAA) in Melbourne, Australia, has started work. LIAA director Kaspars Rozkalns states that the decision to establish an economic representation in Australia followed as a logical continuation of the opening of the Latvian Embassy in Canberra in August 2022.
"At the moment, the negotiations between the European Union (EU) and Australia on the conclusion of a free trade agreement, which will significantly reduce tariffs for the export of various goods to Australia, are nearing the finish line. As an additional incentive for strengthening economic cooperation with Australia is the active and extensive Latvian diaspora in this country" said Rozkalns .
He also notes that obtaining distant markets is one of the biggest challenges for Latvia's economy, as this would significantly expand the maneuverability of entrepreneurs during various economic crises.
On the other hand, the head of LIAA's economic representation in Australia, Sabine Kazaka, states that such economic sectors as electronics, biomedicine, and digital solutions are developing rapidly in Latvia. "These are industries that are in high demand in the world markets, so in the next few years we can expect many new success stories in the hitherto little-known market for Latvian entrepreneurs - Australia," she says.
According to LIAA, various agribusiness and bioeconomy solutions, including timber and mineral products, rank at the top of Latvia's most exported product groups, however, it would be worth thinking about cooperation with Australia in the segment of high added value products and services. Demand is in the medical field, from pharmaceuticals to advanced medical technology. Australia is heavily invested in energy, aerospace, engineering and electronics.
As in many other countries of the world, digitization and financial technologies have received increased attention in recent years in Australia, and the opportunities for various digital services are extensive, especially for electronic identity verification, electronic signatures, and payment systems. Businesses operating in all these sectors should note that internet coverage in Australia is variable and there are many uncharted territories with limited data coverage and transmission speeds, the LIAA says.
"From the perspective of attracting investment, Latvia is interesting for Australia both in the field of research and development, where we can offer highly qualified specialists and innovative testing equipment, as well as being an excellent starting point for product production and further sale in the European market," stresses Kazaka.
