Latvian companies seek Shropshire manufacturers for future partnerships at Subcon 2011
Manufacturers from Shropshire are being targeted by a high profile delegation from Latvia next month in a bid to help foster even closer ties between the two countries.
The rapidly emerging Baltic state will be on stands E4 and E45 at Subcon 2011 (7th-9th June) and is looking to attract local firms to meet with ten of its companies, including Dambis, Vikan Marketing, Nook Serviss, RD Alfa and Volburg.
With input from the Manufacturing Advisory Service-West Midlands (MAS-WM), the link-up will explore mutual benefits of working together through supply chain development, collaborative R&D and, importantly, using Latvia as a potential gateway to the CIS block of countries.
Guntis Rubins, Head of Representative Office of Latvian Investment and Development Agency (LIAA) in the UK, picked up the story:
“Trade between the UK and Latvia in 2010 almost doubled and we now have in excess of 1000 firms working together on projects and investing in each other’s countries.
“It’s not difficult to see why, as we both share similar growth sectors, such as advanced manufacturing, medical, ICT and low carbon automotive.”
He continued: “For instance, we can offer Shropshire firms access to a supply chain that potentially offers them competitive cost downs, whilst Latvian companies are eager to tap into the innovation and value added design so prevalent in the UK.
“Our location is also proving a big attraction and we have a number of examples where businesses are setting up a second facility or a joint venture in order to make a concerted move into the CIS, including significant opportunities in Russia.”
In addition to meeting the individual Latvian businesses, manufacturers will also have the opportunity to learn more about potential trade in the
Baltic country through discussions with the LIAA and the Latvian Mechanical Engineering and Metalworking Industries Association.
Rachel Eade, Project Manager at MAS-WM, is delighted to add her support to the delegation:
“Manufacturing is truly global now and we need to ensure that we give our local firms the opportunity to explore new relationships with like-minded international businesses like those operating in Latvia.
“This could be in terms of supply chain development and joint ventures, but importantly in opening up new markets where UK engineering and innovation is very much in demand.
She concluded: “Latvia also boasts a lot of electronic expertise and this could well prove a viable alternative for companies who have been hit hard by the shortage of components caused by the tsunami in Japan and want to source closer to home.”
In 2010, the UK was Latvia's 8th largest export partner and the 15th largest import partner.
The largest groups of commodities imported from the UK to Latvia were machinery and mechanical appliances and electrical equipment (26% of the total UK export to Latvia) followed by textiles and textiles articles (15%), chemicals and allied industries (14%) and metal articles (11%).
For further information, please contact Guntis Rubins on 0207 229 8173 or visit stands E4 and E45 at Subcon 2011, 7th- 9th June.
