Abstract
Research background: The impact of globalization in the 21st century is increasingly bringing change in the world’s political, economic, social and technological processes. It has become much easier to get information about relevant events across the borders, which lead to the visibility and accessibility of international business environment. International organizations promote and encourage small countries in the same manner as large ones in order to integrate them into the world’s economic development. As a result, most countries become partners and benefit through this globalization process which can be seen as a triggering factor for a successful cross-border trade. Purpose of the article: This paper aims to analyse the impact of Trade Promotion Organizations (TPO) on business in Latvia and its usefulness for export activities as well as contribution of TPO program to GDP growth in Latvia in the period from 2004 to 2019. Methods: In this research authors have used a case study method and analysed the experience of TPO in the global trade environment. Secondary data were obtained from statistical databases and research literature; regulations of international organizations in relevant countries - from publicly available sources. Findings & Value added: Results of this research indicate that organizations which promote and support Latvian export positively influence activities and high-quality cooperation with exporting companies and entrepreneurs who want to trade abroad. At the end of the research, the authors summarize their findings about TPO’s support activities to exporters in Latvia and other countries.
Highlights
The effects of globalization create conditions and unlimited opportunities which contribute to accessibility of new markets for doing business
The aim of the study is to analyse the impact of Trade Promotion Organizations (TPO) on Latvian exports, to find out the importance of TPO support in export promotion, relation to the growth of Gross Domestic Product (GDP) in Latvia in the period 2005-2019 and to identify whether there is value added in supporting and promotional programs in the context of world experience
Difficulties are associated with the costs that the entrepreneur has to bear, and it is often impossible to realize it without support of the state
Summary
The effects of globalization create conditions and unlimited opportunities which contribute to accessibility of new markets for doing business. Almost everyone has nowadays the opportunity to buy, sell, obtain and share needed information, study or travel. In Latvia, after regaining of its independence in the 1990s the economic situation of the country - complete economic neglect- became known. The socialism-based economy had to be rapidly reoriented and restructured. In a global context Latvia is a very small country with low and declining population. In 2020, it was 1,907,675, which is 8% less than in 2011 [1] This shows that the quality of life in Latvia is low, but for the Latvian government it is a difficult and responsible task for people to live and work in the country
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