Latvia's Ministry of Transport signed historic agreement on cooperation with Chinese key players of transport sector
From 4 to 6 November the Summit of the Heads of the Governments from China and 16 Central and Eastern European countries (16+1 format) and Business Forum took place in Riga, aiming to promote economic cooperation among the countries, including the transport and logistics field, says press center of Latvia’s Transport Ministry.
On Saturday, 5 November during the summit, Transport Minister Uldis Augulis signed the Memorandum on comprehensive cooperation in the transport and logistics with China's National Development and Reform Commission Vice-Chairman He Lifeng. In the Memorandum both sides express their interest to cooperate in the fields of ports, rail and logistics, and to cooperate in establishment of industrial parks, as well as it will be an important basis for further cooperation between Latvian and Chinese logistics and transit sector.
Transport Minister Augulis also held a separate meeting with potential partners from China. Also the business representatives of Latvian transport and logistics sector participated in this meeting and agreed on further cooperation.
Several essential documents in the field of transport and logistics were signed during the meeting in the Ministry of Transport. Transport Minister Uldis Augulis signed the Memorandum of Understanding with Mr.Cui Dianguo - Board chairman of China Railway Rolling Stock Corporation and with Mr. Sun Liang -Board Chairman of Shandong Hi-Speed Group Co.Ltd.. The President of Latvian Railways Edvins Berzins signed in the presence of the minister the Memorandum of Understanding with China Merchants China-Belarus Commercial & logistics cooperation, CJSC general manager Mr. Zhang Yi, and LDZ logistics Board Chairman Verners Lusis and Transcontainer logistics director Jurijs Sukmanovs signed the Memorandum on Strategic Cooperation on the carriage of goods from China to Europe.
"16+1 format meeting of the Heads of State, as well as Business Conference in Riga are great achievements for Latvia, giving as a possibility to promote economic cooperation between China and Europe. I believe that the successful development of supply chains of the Eurasian continent plays a key role for the whole region, as well as contributes to the growth and development of all individual countries involved. Especially important is to coordinate all activities within 16+1 format focusing on the development of integrated transport corridor between China and Europe, promoting co-operation and coordination of investment project and raising recognition among the participating countries, “underlines Augulis.
During the Transport and Logistics Panel of the Business Forum the minister highlighted four priority areas for cooperation in transport and logistics with China, contributing to the creation of excellent interaction among all modes of transport and supporting the development of e-commerce:
1. Container development in the rail sector;
2. Port and terminal development, ensuring effective freight solutions to Russia, Belarus and the Central Asian economies.
3. Cooperation in aviation - developing passengers, freight and logistics business.
4. Industrial zone development using benefits offered by the status of special economic zone.
The event in Riga was attended also by Mr. Xiong Tao - Vice Mayor of Yiwu city. He was accompanied by the representatives of the transport and logistics companies to present business opportunities for potential cooperation with Latvian businessmen. Yiwu is a famous manufacturing and trading center of Chinese goods. Since 1985 Yiwu’s GDP annually is increasing by 10-15% making Yiwu one of the fastest growing economic regions of China and having a positive impact on the economy of whole China. Yiwu is located 300 kilometres from Shanghai and is considered to be the example of the China market economy.
Cooperation format 16+1 - China and 16 Central and Eastern European countries - aims to promote China's cooperation with 16 European countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Romania, Slovakia, Slovenia, Bulgaria, Croatia, Poland, Macedonia, Montenegro, Serbia, Albania, Bosnia and Herzegovina) in various fields, including logistics and transport.
Latvia has been entrusted with the role of the logistics coordinator in 16+1 format. It promotes the exchange of information on the transport and logistics services with China and 16 Central and Eastern European countries, including Latvia. This ensures enhanced public-private cooperation and concerted action, in order to ensure the most efficient supply chain development, the improvement of border crossings between the countries involved, eliminating bottlenecks and reducing administrative burdens.