Translated using ChatGPT service.
From March 1 to 4, a Latvian business delegation visited Israel, led by Minister of Economics Viktors Valainis. During the visit, agreements were reached on cooperation in the fields of aviation, energy, and financial technologies. The mission, which included more than 40 participants, was organized by the Ministry of Economics and the Investment and Development Agency of Latvia (LIAA).
Minister of Economics Viktors Valainis stated: “In Israel, we held meetings with companies in the aviation, financial technology, and military industries, which marked the beginning of new projects between Latvian and Israeli companies. We will continue to develop the energy sector and other innovative industries in cooperation with Israel.”
Discussions on attracting funding for green energy projects were initiated with one of Israel’s leading renewable energy funds – Doral Group. This company operates in various markets, including the United States and Europe, investing millions of dollars in the development of solar, wind, and other green energy projects.
A cooperation agreement was also signed between the Latvian Financial Technology Association, the Latvian Blockchain Association, and the Israeli Financial Technology Center. The goal of this partnership is to attract new investments to Latvia in the fintech and cryptocurrency sectors, taking into account the recently approved licensing procedures by the Bank of Latvia for companies in this sector operating in the EU market.
A third agreement was signed between the Latvian Chamber of Commerce and Industry and the Israeli Federation of Chambers of Commerce. This agreement opens wider cooperation opportunities for Latvian exporters, providing access to new contacts and enabling them to become part of supply chains serving the regional market.
LIAA Deputy Director Laura Štrovalde said: “We had a very productive visit, during which new cooperation agreements were signed and a return visit from Israeli companies to Latvia was agreed upon. We see strong potential for collaboration in sectors such as aircraft engine maintenance, green hydrogen production, and financial technologies.”
In the field of aircraft technical maintenance and engine component assembly, discussions were initiated with Israeli Aerospace Industries (IAI), one of the global leaders in this sector. Latvia's aim is to expand and develop aircraft maintenance and engine component manufacturing capabilities in cooperation with Israeli partners, based on existing maintenance infrastructure. IAI had previously visited the infrastructure of the Latvian company “Airline Support Baltic” and confirmed its readiness to continue cooperation during the meeting.
Potential for collaboration also emerged in the field of dual-use technologies, where the company Elbit Systems offered to adapt anti-drone technologies for use in Latvia for border control, airports, and other security purposes.
Head of LIAA’s representative office in Israel, Irina Rubinčika, noted: “We already have our own success stories in Israel, for example, the company Primekss, which has been active in this market for 10 years and achieved great results with its innovative concrete flooring technology. In total, the company has laid concrete floors in Israel covering over 130,000 m², thus reducing potential CO₂ emissions by more than 5,000 tons.” She added that she highly appreciates the preparatory work done by entrepreneurs prior to the visit: “Our entrepreneurs did an excellent job, preparing profiles of desired cooperation partners in advance, which helped LIAA invite precisely selected representatives of Israeli companies to bilateral meetings.”
The Latvia–Israel Business Forum on March 3 was attended by more than 100 Israeli entrepreneurs, and each Latvian company participating in the visit had at least two potential cooperation partners approached.
The following companies and organizations took part in the trade mission:
Latvenergo, LMT, TET, Tiamo Group, Astor Group, Cannelle Bakery, Airline Support Baltic, Smiltenes Piens, HMP Group, Magnetiq Bank, IV PLUS, Falcon Sapphire, Alūksnes Putnu Ferma, DECTA, Niedrāji MR, VENTURE FACULTY, Latvian Blockchain Development Association, Fintech Latvia Association, Sorainen Law Firm, and the Latvian Chamber of Commerce and Industry.