There could be increased levels of Ukrainian investment in Latvia and vice-versa after the two countries signed a pact to work closely and pursue economic and political cooperation.
According to the Baltic Course, Latvian foreign minister Edgars Rinkevics and visiting Ukrainian foreign minister Kostyantyn Gryshchenko signed the joint communiqué on a visit to the country.
Both parties are set to visit each others' country further within the year as they seek to expand on the agreement, with Mr Gryshchenko pointing towards further cooperation in the fields of culture and education also.
At a joint press conference, Mr Rinkevics said: "The relations between both countries in political as well as economic areas are very good."
Mr Gryshchenko, in turn, said: "Latvian businessmen understand our situation better, and they have better language skills."
Latvia is currently host to one of the world's strongest forestry industries, an attractive area for many foreign investors at the moment.
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