Just before X-mas holidays and shortly after the New Year, a number of Latvian and overseas mass-media addressed questions to Alexander Pankov, CEO of Rietumu Bank concerning the results of the outgoing year and the outlook for 2011.
Below you will find some extracts from these publications.
About Economic Situation in Latvia «Cognition comes through comparison. We all can observe what is happening in the world, in Latvia, and in the banking sector. Therefore, I would characterize the past year as very successful for Rietumu. Already for the second year in a row despite general economic slowdown, Rietumu had a solid performance and generated profit. We are on the whole positive about the first signs of economic recovery shown at the end of the year.
The key event of 2010 year: the global economic trend has changed. The overall slowdown has stopped. Considering that the previous two years, our country lost 22% GDP, the last three quarters has demonstrated a slow growth.
The national budget has been approved, and the society realizes the necessity of measures taken for its consolidation. Talking about decisions favourable for business, first of all it is worth mentioning changes made to the Immigration Law, allowing foreign investors to obtain residence permit in Latvia».
Major Events of 2010 «It is definitely positive that the year 2010 is coming to an end on an optimistic note. At national level, the policy of continuity has been pursued, and the parliamentary elections have not changed the ruling coalition, which is important for economic stability.
The international image of Latvia has improved: the leading rating’s agencies have gradually started adjusting Latvia’s rating upwards.
We have come a long way in promoting cooperation with Russia. As a direct participant I must say that our interstate relations have radically improved and become warmer».
About Latvian President’s Visit to Moscow «A solid foundation has been laid.
The process as such is what matters in the interstate relations. If nothing happens within half a year, this visit will be forgotten, especially in Russia. For successful business it is important to maintain high-level contacts on a regular basis.
I hope that the demonstrated openness and trust would persevere and grow into the future. Then it would give a strong impulse for economy in general and the development of business contacts in particular».
About Possible Double-dip «Latvia – could be regarded as a benchmark of the open economy, possessing both advantages and disadvantages of this model. Latvia is a small market dependable on the processes happening overseas. Today many experts and economists predict the double-dip recession of the global markets. If such predictions come true, Latvia will be recovering extremely slowly. I do not expect a new collapse.
Currently we can observe that international experts positively evaluate government’s work, and Latvia’s financial ratings are gradually being adjusted upwards. These facts give us the ground to talk cautiously about the inflow of investments to Latvia».
Eleonora Gailisha Mass Media and Public Relations
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