Taking these factors along with the investment friendly policies of the Latvian government and the recent steady economic growth which saw Latvia emerge as the fastest growing member of the Euro-zone, Latvia offers good opportunities for Indian firms.
However, investments in both directions are below potential.
Major Indian imports include chemicals, fertilizers, iron & steel, machinery etc.
There is scope for growth of textiles, agro-products, gems and jewellery, chemical dyes and pharmaceuticals.
Consequent to Latvia's accession to the EU, Indian companies can access the EU market through investment in Latvia.
Its geostrategic location as a potential gateway to the CIS countries as well as Russia along with its excellent all weather ports add to the potential.
The Speaker of Lok Sabha is likely to visit Latvia this year soon.
A 16-member business delegation from 7 Latvian companies participated in World Food India 2017. Other high level visits from Latvia included by the Latvian President in 1997; Speaker in 2003; Deputy Prime Minister in 2003; Foreign Minister in 2006, September 2013 and November 2013; Minister of Culture in 2007 and March 2016; Minister for E-Governance in 2007; and Economics Minister in February 2010. This was the highest ever political visit from India. Inara Murniece, who was acting as the President in the latter’s absence. Arvils Aseradens, and the Latvian Minister for Justice, Mr. The two sides agreed on a meeting of a Joint Group of Experts to work out a roadmap for enhancing and expanding bilateral cooperation, including in economic, education and tourism sectors. The Minister also inaugurated Yoga Corner at the Botanical Garden in Riga and India Section in the National Library of Latvia. Edgars Rinkevics, met in Luxembourg on 5 November 2015 on the sidelines of ASEM Foreign Ministers' Meeting.
From India, there have been four visits by Minister of State for External Affairs, the last one being the visit of Mo S Shri M. The Minister of State for Health and Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy (AYUSH), Mr. The delegation also included Secretary (AYUSH) and Director of the All India Institute of Ayurveda. Dhiman (KSD), Director General, Central Council for Research in Ayurvedic Sciences (CCRAS) visited Riga to attend the International Scientific Network on Ayurveda organized by the University of Latvia on 28-. Following institutional agreements/arrangements have been put in place for promoting trade, investments and other relations:- (i) Declaration of Principles and Directions of Co-operation signed in September 1995; (ii) Memorandum of Understanding for Cooperation in the fields of Culture, Arts, Education, Science, Mass-Media and Sports signed in Sept 1995; (iii) Agreement on Economic and Technical Cooperation between Latvia and India signed in Sept 1995; (iv) Protocol on Foreign Office Consultations signed in September 1995; (v) Air Services Agreement signed in October 1997; (vi)Agreement on the Inter- Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation signed in June 2001; (vii) Cultural Exchange Agreement was signed in May 2006; (viii) Bilateral Investment Protection Agreement signed in February 2010.
The University of Latvia has established a "Centre for Indian Studies and Culture" which was formally inaugurated on 9 September 2013.
It is organizing Yoga classes and Hindi classes as well as other activities to promote India.