Translated using ChatGPT service.
Today in Riga, following the initiative of Minister of Economics Viktors Valainis, a meeting of the Ministers of Economy of the Baltic States took place, attended by Lithuanian Minister of Economy and Innovation Lukas Savickas and Estonian Minister of Economic Affairs and Industry Erkki Keldo. The discussions emphasized the importance of regional cooperation in the areas of security, investment, and economic growth.
This was the first high-level meeting of its kind in Riga with the participation of ministers from Lithuania and Estonia. Special attention was given to the importance of regional cooperation in the context of geopolitical instability, underlining the need for regular meetings and closer coordination. The ministers agreed to work on attracting investments, strengthening the region’s image as a stable and secure economic environment, and developing a joint approach to the defense industry.
“This meeting marks a significant step toward deeper economic cooperation among the Baltic States. The Baltic region is stronger when we act as one – in both security and economic matters. We see great potential in joint export projects and investment attraction if we can unite our efforts and present the Baltics as a single, stable, and growth-oriented market. I believe that by working together, we can strengthen our national economies and create a more attractive environment for global investors,” emphasized Minister of Economics Viktors Valainis.
The discussion also included the idea of a pilot project in which the three Baltic States, together with business delegations, would jointly visit international markets – such as the United States – to promote export opportunities and attract investments to the region. The ministers agreed that economic and security interests are increasingly interconnected today, and strengthening regional cooperation is essential for the growth of the Baltic States.
During the meeting, Latvia highlighted three key priorities. First, joint investment attraction – supported by coordinated visits abroad by Baltic entrepreneurs and ministers to jointly promote the region as a reliable investment destination. Second, the creation of a Baltic Defense Industry Fund, with a call for Lithuania and Estonia to pool resources for a joint strategy. Third, improving the efficiency of the EU single market – the new strategy must deliver tangible results by reducing administrative burdens, eliminating fragmentation and barriers. This will boost Europe's competitiveness, especially for SMEs.
Later in the day, the ministers participated in the international conference “Beyond Borders: Investment and Security in the Baltics”, organized by the Foreign Investors’ Council in Latvia (FICIL), the Foreign Investors’ Council in Estonia (FICE), and the German-Baltic Chamber of Commerce in Estonia, Latvia, and Lithuania (AHK), in cooperation with the Investment and Development Agency of Latvia (LIAA) and the Stockholm School of Economics in Riga. During the conference, they took part in a panel discussion titled “Stimulating Foreign Investment and Cooperation in the Baltics in the New Geopolitical Reality.” Following the conference, the ministers of Latvia and Estonia jointly inaugurated the Estonian Business Center in Riga.
To conclude the day, Viktors Valainis also participated in the Livonia Award ceremony, which honors companies strengthening economic relations between Latvia and Estonia.
Public Relations Department
Ministry of Economics
Email: prese@em.gov.lv
4o