Latvia and Cyprus enjoy friendly relations and the accession of both countries to the European Union (EU) has made bilateral co-operation closer. Being small EU member states, Latvia and Cyprus has similar interests and capacity that facilitate mutual understanding and the development of the bilateral relations. A significant acknowledgement of the friendly relations between Latvia and Cyprus was the state visit to Cyprus by Latvian President Vaira Vike-Freiberga from 3 to 5 June 2007.

Diplomatic relations 

Diplomatic relations between Latvia and Cyprus were established on 20 December 1991.

The Ambassador Extraordinary and Plenipotentiary of the Republic of Latvia to the Republic of Cyprus since 1 June 2007 is H.E. Ms Līga Bergmane residing in Athens, Greece.

The Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to the Republic of Latvia since 27 June 2006 is H.E. Mr Pavlos Anastasiades residing in Stockholm, Sweden. 

Since 1993, Latvia's interests in Cyprus are represented by the Honorary Consul-General of Latvia Adonis Papadopoulos for the consular district of Limassol. Since 2001, Latvia has an Honorary Consul George Prodromou for the consular district of Paphos.

Economic co-operation

Economic co-operation between Latvia and Cyprus has shown a tendency to increase. In 2006, Latvia's total trade turnover with Cyprus constituted 23.9 million EUR. This includes Latvia's exports to Cyprus in the amount of 13.4 million EUR or 0.3% of total export, but import from Cyprus comprised 15 million EUR or 0.2% of total import. Cyprus ranks 31^st and 35^th respectively among Latvia's largest export and import partners. In 2006, Latvia had a negative trade balance with Cyprus of 1.65 million EUR.

The main commodity types exported to Cyprus were products of the food industry, timber and timber products, mineral products, machinery, mechanical appliances, electrical equipment, and products of the chemical and allied industries. The main export commodities to Cyprus in 2006 were vodka (4.3 million EUR), gin and geneva (3.5 million EUR), Scots Pine and other wooden products (3.5 million EUR).

Export commodities to Cyprus by type of commodity in 2006, in million EUR 

In import, the main types of commodities in 2006 were products of the chemical and allied industries, plastic and plastic articles, machinery, mechanical appliances, electrical equipment, wood-pulp, paper, and cardboard, as well as textiles and textile products. The main import commodities from Cyprus in 2006 were anhydrous ammonia (5.3 million EUR), packing cases, boxes, crates and similar products (2.8 million EUR), medicines packed in measured doses (1.1 million EUR), other automatic data processing machine units (0.8 million EUR), plastic articles of polymers of ethylene for transportation and packaging of goods (0.7 million EUR).

Import commodities from Cyprus by type of commodity in 2006 in million EUR

Latvian export to Cyprus in 2006 in comparison to 2005 has decreased by 22,2%. Export to Cyprus in this period, however, presents an increase by 2,24 times. The total trade turnover has increased by 19,1%.   

Trade dynamics between Latvia and Cyprus from 1998 to 2006, EUR

Investment

According to data offered by the Bank of Latvia, as of the end of the 4^th quarter of 2006, the balance of registered Cypriot direct investment in Latvia amounted to 162.4 million LVL (as to this investment, it should be noted that many offshore companies operate in Cyprus, including companies with Latvian capital). The balance of Latvian total direct investment in Cyprus comprises 8,8 million LVL.

According to the data listed in the Lursoft database, on 3 August 2007, 172 Cypriot-Latvian companies were listed in the Enterprise Register of Latvia. Cypriot direct investment in the equity capital of Latvian companies as of 25 April 2007 was 79,287 million LVL (10^th place).

A significant increase of investment in the equity capital of Cypriot-Latvian enterprises has occurred in recent years: in 2006, + 13.083 million LVL; in 2007 + 41.273 million LVL.

According to the data of the Latvian Register of Enterprises listed by Lursoft, as of 3 August 2007, the major Cypriot investors are as follows:

• Euromin Holdings (Cyprus) Limited – investment of 38,486 million LVL (49 % in terminal of Ventspils Nafta Limited);
• Davonte Holding Limited – investment of 7,542 million LVL (66 % of ITERA Latvia Limited stocks);
• Aureja Limited – investment of 7,028 million LVL (100% of Bolderaja Limited stocks; company operates in the plywood industry);
• Broda Agro Trade (Cyprus) Limited – investment of 6,746 million LVL (100 % of VIP AVIA Limited stocks);
• Ritzio North West Limited – investment of 4,520 million LVL.

Most significant visits

Visits by Latvian President:
3 – 5 June 2007	State visit to Cyprus by President Vaira Vīķe-Freiberga.

Visits by Latvian Foreign Minister:
18 – 21 May 2005	Official visit to Cyprus by Foreign Minister Dr. Artis Pabriks.
7 – 9 March 2001	Official visit to Cyprus by Foreign Minister Indulis Bērziņš.

Visit by Cypriot Foreign Minister:
4 – 6 September 1997	Official visit to Latvia by Foreign Minister Ioannis Kasoulides.

Other visits

From Latvia:
3 - 5 June 2007	Visit to Cyprus by Minister of Economics Jurijs Strods within the framework of the state visit by President Vaira Vike-Freiberga.
1 – 4 November 2001	Visit to Cyprus by Minister of Economics Aigars Kalvitis.
13 – 17 December 2000	Visit to Cyprus by Minister of Transport Anatolijs Gorbunovs.
30 May to 8 June 1997	Visit to Cyprus by Saeima delegation led by Ziedonis Cevers.
April 1997	Visit to Cyprus by Saeima delegation led by Ivars Kezbers.

From Cyprus:
10 – 13 April 2005	Visit to Latvia by Minister of Justice and Public Order Doros Teodoru.
28 February 2005	Visit to Latvia by Minister of Finance Iacovos Keravnos.
14 May 2004	Visit to Latvia by President's Special Envoy Mr Michaelides.
25 – 27 June 2002	Visit to Latvia by Minister of Commerce, Industry, and Tourism Nikos Rolandis.
29 – 31 May 2001	Visit to Latvia by Foreign Ministry Permanent Secretary Michalis Attalides.

Most significant agreements:

Database of bilateral agreements signed between Latvia and Cyprus

Links:

Ministry of Foreign Affairs of the Republic of Cyprus – http://www.mfa.gov.cy