Translated using ChatGPT service.
On February 5, 2024, the Minister of Economics, Viktors Valainis, met with the Ambassador of Japan to Latvia, Mr. Kensuke Yoshida, to discuss bilateral economic cooperation opportunities and Latvia’s preparations for participation in Expo 2025 Osaka, which will take place from April 13 to October 13, 2025, in Osaka, Kansai Region, Japan.
During the meeting, Minister Valainis emphasized that Latvia and Japan already maintain active economic relations, while also expressing confidence that there is always potential for further cooperation. "This year, we have planned a series of events aimed at strengthening economic ties between our countries, as well as promoting Latvia's recognition in Japan. The most significant of these is Expo 2025 Osaka. We see potential for cooperation in high-tech sectors such as energy, ICT, biotechnology, and other high value-added industries, as well as infrastructure projects and tourism," the minister stressed.
During the discussion, both the minister and the Japanese ambassador agreed on the need to strengthen bilateral cooperation and continue an active dialogue to attract investors and increase trade volumes between Latvia and Japan.
Japan as a Key Trade and Investment Partner for Latvia
Japan is one of Latvia's most significant trade and investment partners in Asia. Trade volumes have gradually increased in recent years, except for 2023, when they declined. To strengthen economic ties, Arta Voicehovska has recently taken up her position as Latvia’s External Economic Representative in Japan. At the same time, several Japanese companies successfully operate in Latvia, having made significant investments, including:
- Mitsui & Co – transport and logistics sector
- Marubeni – energy sector
- Yokohama – wheel rim production in Liepāja
- Daikin – air filter and purification equipment production in Olaine
Latvia’s Participation in Expo 2025 Osaka
At the world’s most significant nation branding and export promotion exhibition, World Expo 2025, Latvia will participate alongside Lithuania in a joint Baltic pavilion. The construction of the pavilion is progressing successfully, and multiple activities are being prepared to showcase Latvia’s achievements to visitors. Additionally, a separate business program is being developed for Latvian companies, including industry exhibitions, trade missions, business visits, and other networking events.
Several official visits by Latvian representatives to Japan are also planned, with the most extensive program set for May. This includes a visit by the President of Latvia, the Minister of Economics, and a large delegation of business representatives to attend various Expo 2025 Osaka events, including Latvia Day activities on May 20.
Latvia-Japan Trade Figures in the First Half of 2024
In the first half of 2024, Latvia’s total exports to Japan exceeded €36 million. The main export goods included:
- Spruce and pine timber
- Peat
- Medical, surgical, and dental instruments
- Plywood from wood veneers
- Mechanically bonded fiberglass fabrics
On the other hand, imports from Japan in the same period exceeded €15 million, with the main import goods being:
- Rubber pneumatic tires for passenger cars
- Synthetic rubber and factice
- Oil hydraulic and pneumatic transmission valves
- Raw glass
- Television cameras, digital cameras, and video cameras
- Handbags with leather or composite leather surfaces
Latvia's active participation in Expo 2025 Osaka and ongoing economic cooperation with Japan are expected to further enhance trade relations, investment opportunities, and the visibility of Latvian businesses in the Asian market.
