Bilateral relationship between Hong Kong and Latvia continues to flourish. The merchandise trade between the two economies amounted to US$116.9 million in 2019. The average annual growth rate from 2015 to 2019 is 7.8%. Hong Kong also played a significant role in the trade between the Mainland of China and Latvia. Around 10.2% or US$76.7 million of the total trade between Latvia and the Mainland of China routed through Hong Kong in 2019.
In 2019, Hong Kong’s main exports to Latvia were alcoholic beverages (63.5%); tubes, pipes and hoses of plastics (23.3%); and toys, games and sporting goods (5.0%).
In 2016, Hong Kong and Latvia signed a Comprehensive Avoidance of Double Taxation Agreement (CDTA). The CDTA sets out clearly the allocation of taxing rights between the two jurisdictions and thus helps investors better assess their potential tax liabilities from cross-border economic activities. The agreement bolsters the economic and trade connections between the two places and offers added incentives for companies in Latvia to do business or invest in Hong Kong, and vice versa.
Apart from cooperation in taxation matters, Hong Kong and Latvia also developed ties in other aspects. During his trip to Riga to sign the CDTA, the then Secretary for Financial Services and the Treasury, Professor KC Chan, met with Latvian officials and the Bank of Latvia with a view to fostering financial and economic ties between the two places.
In 2019, 2725 visitors from Latvia visited Hong Kong.
Useful information in Hong Kong
Honorary Consul of the Republic of Latvia in Hong Kong
22/F Lyndhurst Tower, No. 1 Lyndhurst Terrace, Central, Hong Kong
Tel: (+852) 2877 5638
Fax: (+852) 2281 6708