Latvia is First Baltic Sea Nation to Join with China’S OBOR- Important (Download PDF)

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Latvia became the first country in the Baltic Sea to sign a MoU (Memorandum of Understanding) to link up with China՚s OBOR (One Belt and One Road) Initiative. MoU was signed after Chinese Premier Li Keqiang՚s met his Latvian counterpart Maris Kucinskis in Riga (capital of Latvia) .

One Belt One Road Economies
  • It was Chinese Premier՚s first visit to any European Union country.
  • Latvia and China also singed 5 agreements on cooperation in areas like:
    • Small and medium-sized enterprises
    • Transportation and logistics
    Latvia

Importance of Latvia Joining OBOR

  • Latvia totally supports China՚s OBOR and controversial 3 seas initiatives as well.
  • Latvia is currently working actively to bring the fields of transmit and logistics in line with modern logistics.
  • Latvia gives China opportunity to distribute goods to Europe directly from Latvia.
  • Enterprises from China will offer their production at a rate 5 - 6 % cheaper on average bringing competitiveness advantages for both China and Latvia.

China՚s One Belt and One Road (OBOR) Initiative

  • OBOR initiative is China՚s key development strategy that targets to boost its connectivity and trade in Asia, Africa, and Europe.
  • It includes two components:
    • Silk Road Economic Belt
    • 21st Century Maritime Silk Road
  • It was proposed by Chinese President Xi Jinping in 2013.
  • Consider a part of China՚s recovered 21st century Silk Road diplomacy that pushes it to take a bigger role in global affairs.

21St#Century Silk Road

Location of 21StCentury Silk Road

- Published/Last Modified on: September 6, 2017

International Relations/Organizations

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