Latvia: Russians Ready to Invest in Port of Riga Development

On May 18-21, 2010 Mr Yevgeny Primakov, the president of the Russia’s Chamber of Commerce and Industry, visited Latvia. On May 19 he visited the Port of Riga and held a meeting with the CEO of the Freeport of Riga Mr. Leonids Loginovs and other representatives of the Freeport of Riga Authority. During the port visit there was organized a boat trip in the port aquatorium in order to evaluate the possibilities offered by the port and its pace of development.

During his visit Mr Primakov was accompanied by a delegation of Russian business representatives. They were willing to find business partners here in Latvia, who could offer the shortest cargo delivery times for adequate price.

Mr Primakov holds an important role in Russian business world and his visit can be viewed as a positive sign about the willingness of Russian entrepreneurs to develop their businesses here in Latvia. Mr Vladimirs Makarovs, the Director of the Strategic Planning and Project Management Department at the Freeport of Riga Authority, points out for BC: “It is very good that the activity of Russian entrepreneurs increase besides the increased activity from European and the U.S. business structures. 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.”

The total capacity of the Freeport of Riga terminals reaches 45 MLN tons a year, which is not fully utilized at current situation. Cooperation agreements with new cargo senders will increase effectiveness and utilized capacity which in turn will enhance development of port enterprises. Mr Makarovs regards that Mr Primakov and accompanying business representatives are willing to get known to the port not only theoretically, but they are also willing to evaluate in reality what port can offer, for example, the processing speed of cargoes, existing infrastructure, technologies in use, available storehouse and tariffs.

If entrepreneurs show interest in certain cargo transshipment options, there will be organized meetings with representatives of appropriate terminals. Russian business representatives might be interested in bulk cargo terminals for transshipment of coal, iron ore and other bulk cargoes, as well as container and universal terminal possibilities.

It cannot be denied that Russian ports are also developing, and this fact cannot be ignored when planning the development of the Port of Riga. However, at the same time it must be noted that as long as the Port of Riga is be able to offer fast transshipment of cargo for competitive prices, the cargo owners will choose Riga because speed and price are the main criterions determining their choice.


Source: freeportofriga, May 26, 2010