GRIGORY LUCHANSKY ON LATVIA-CHINA COOPERATION
Dr Grigory Luchansky, Senior Vice President of the International Congress of Industrialists and Entrepreneurs, comments on the perspectives of new partnership projects between China and Latvia.
Prominent Latvian businessmen and the Minister of Economics of Latvia discuss the creation of the Latvia China Business Council and Latvian participation in the “Belt and Road Initiative”.
From the Chinese side the project is facilitated by the Silk Road Fund and the Chinese Society of Friendship with Foreign Countries. From the Latvian side the project is being promoted by the Chamber of Commerce and the Latvian Confederation of Employers.
One of the main issues discussed at the meeting was the need to develop Latvian cooperation with the booming economies of Asia. Special attention should be paid to the interaction with China which is the world's second largest economy and, according to all forecasts, will become the leading global economy in the next 5 years.
China has adopted a program of economic cooperation with the countries of the Eurasian continent – the Belt and Road Initiative, or the so-called Silk Road Revival Program. More than 50 billion US dollars have already been allocated for its implementation. In the 20-year term investments of up to 5 trillion dollars are planned.
China is also interested in cooperation with Baltic republics. Being the world's largest producer and exporter of goods, China is in dire need of their promotion on the international markets, especially in Europe. China is also extremely interested in Eurasian transit and, as a result, in the creation of logistics hubs in European countries. Latvia can serve as one of such hubs.
China has also become the largest country in the tourism business in the world (the annual flow of tourists to and from China exceeded 100 million people).
Taking all that into account, a number of representatives of the Latvian business community created in 2017 a BRI-Latvia partnership, the purpose of which is to establish economic ties between China and Latvia and to attract investments into the Latvian economy.
Dr Grigory Luchansky, Senior Vice President of the International Congress of Industrialists and Entrepreneurs, is responsible for the advancement of economic cooperation between member-countries of the Congress and China. In this capacity Dr Luchansky acts as an Adviser to the BRI-Latvia partnership.
Latvia and China discuss a number of joint projects. Among them are the construction of the LNG plant; modernization and expansion of Latvian seaports; development of electric transport; tourism and financial sector.
Joint pharmaceutical projects are also being discussed. Dr Grigory Luchansky is initiator, investor and coordinator of the international program of developing the precision diagnostics and personalized medicine based on President Nazarbayev’s initiative for increasing longevity of the nation of Kazakhstan. Cooperation in producing the geroprotectors, compounds capable of preventing or even reversing aging at the cellular level, will make China and Latvia join this program.
“The perspective of making the Baltic republics an economic window of China into Europe is very attractive for both Latvia and China. Latvia can use all its advantages – seaports, other transit capacities, highly skilled workforce – in cooperation with China, thus moving towards creation of a multi-vector Latvian economy”, comments Dr Grigory Luchansky.