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Latvia and Germany Need to Deepen Cooperation in Innovative Technologies, Biomedicine, ICT, and AI
Latvia and Germany must deepen their cooperation in areas such as innovative technologies, biomedicine, information and communication technologies (ICT), and artificial intelligence. Both countries already have a strong foundation and a shared vision in these sectors.
There is also broad potential for cooperation in green energy and hydrogen technologies, including the implementation of the Rail Baltica railway project and the development of port infrastructure. Significant opportunities lie in the defense industry, where Latvia invites German companies to invest and establish manufacturing operations. These topics were discussed on Tuesday, July 8, in Riga, during the official visit of the President of the Federal Republic of Germany, Frank-Walter Steinmeier, who met with the President of the Republic of Latvia, Edgars Rinkēvičs. The meeting was also attended by Latvia’s Minister of Economics, Viktors Valainis.
Latvia and Germany share close economic ties – Germany is Latvia’s second-largest trading partner and the fourth-largest foreign investor. In 2024, German investments in Latvia totaled €1.54 billion, while Latvia’s exports to Germany reached €2 billion.
During the meeting, the advantages of the Latvian economy were highlighted to German investors – including the “green corridor” approach for strategic projects and Latvia’s highly developed digital infrastructure. The Investment and Development Agency of Latvia (LIAA) is continuously working on investment projects in smart materials, the bioeconomy, information technology, and the defense industry.
Preparations were also discussed for one of the most significant export promotion and investment attraction events in Germany – the Latvian Business Forum in Rostock, which will take place from September 24 to 26. Latvian entrepreneurs are invited to participate in the event alongside Prime Minister Evika Siliņa and Minister of Economics Viktors Valainis. Participation in the state visit will offer businesses the opportunity not only to explore the German market but also to build cooperation with companies and investors from Hamburg and Rostock – two of Germany’s strongest regions in ICT, defense, biotechnology, and smart energy. Entrepreneurs can register for the state visit until July 16 via Latvia’s national business development platform, business.gov.lv.