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Trade deepening amid regional turbulence

Reporter: Guy Henderson 丨 CCTV.com

11-05-2016 03:39 BJT

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CCTV reporter Guy Henderson filed this report from Riga Latvia, taking a look at how the economic bonds between China and Latvia have expanded.

These are sprats, traditionally an acquired taste for Baltic region consumers. Now - available in China. That's since this Latvian tinned fish manufacturer was forced to broaden its export horizons - after a turbulent few years.

"Yes - it's not the best times now. However, we can use the opportunities to revisit our internal kitchen - let's put it this way. And make it more friendly to other countries," said Edgar Ter-Avetisyan, Latvian Tinned Fish manufacturer.

Latvia was particularly badly hit by the global economic slowdown post 2008. And just as it was starting to recover, one of its biggest export partners, Russia moved to annex Crimea from Ukraine.

When the European Union slapped sanctions on Russia - Gamma A lost half of its business almost overnight. Since then, the company has been fishing for new customers - a deal with a Chinese supplier has been an important catch. But not enough to make up for the shortfall.

Indeed, more generally - Latvian companies have struggled to service such a huge Chinese market. Exports to China were up less than 1% last year - while imports from there increased by more than 17%. As leaders gather in the capital Riga for a regional summit with China - experts hope a number of big infrastructure deals could give companies here easier access to new markets.

"30% of all Chinese investment in Latvia is in real estate - which is a whole different sphere. With big Chinese companies like China Harbour Engineering Company coming to Latvia and negotiating Riga FreePort and Rail Baltica - R-Baltic - the situation can turn around easily. The main expectation is that those projects will take off with a contribution from China," said Austra Priede, China expert of University of Riga.

That believes Gamma- A would help its business - and many others like it.

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