Trust and Fair Business Conduct - Key for Successful Business Development

During February Luncheon Egons Mednis, President of ELKO Group, shared his views on Latvia’s economic landscape and future and discussed the history and development of ELKO Group, including its establishment and expansion in a number of markets. “We started our business in the early 90’s, at the time when nobody knew how to make business," he said.

Trust, fair business conduct, honest relationship and goal-oriented team were mentioned as the key factors for successful business development, having contributed to achievement of his company’s long term results.

In his speech Mr. Mednis emphasized that he believes Latvia’s economy will start recovering in the second part of this year. He stressed that those companies survived the crisis are beginning to show recovery signs. "This was the crisis of trust. Thanks to our long term relationship with our partners, even going through these difficult times, we didn’t lose their trust," he added.

He also discussed the lack of certainty which leaves a negative impact on businesses.

According to Mr. Mednis, being such a small and open economy, Latvia largely depends on the European and international markets.