Translated using ChatGPT service.
Today in Riga, the Latvia–Israel Business Forum took place, organized by the Ministry of Economics and the Investment and Development Agency of Latvia (LIAA) in cooperation with leading business and innovation organizations from both countries. The forum was held to mark the official visit of the President of the State of Israel, Isaac Herzog, to Latvia.
Gathering business leaders from Latvia and Israel, the forum was opened by the President of Israel, Isaac Herzog, and Latvia’s Minister of Economics, Viktors Valainis.
In his address, the President of Israel emphasized that Israel and Latvia have significant potential for cooperation in business, science, technology, and tourism. “We are here to build closer ties between our two countries, to double or even triple our trade volume,” said President Herzog.
Meanwhile, Minister of Economics Viktors Valainis praised Israel’s achievements in innovation and startup development. “We are open to future joint projects and invite Israeli entrepreneurs to make use of the opportunities Latvia offers – fast decision-making and reliable partnerships, which are the foundation for successful long-term cooperation,” stressed Valainis.
The purpose of the business forum was to strengthen cooperation in innovation, manufacturing, research, and high technology.
During the forum, a Memorandum of Understanding was signed between the Israel Export Institute and the Latvian Exporters Association “The Red Jackets,” as well as between the Manufacturers Association of Israel and the Latvian Chamber of Commerce and Industry.
“Latvia sees broad opportunities for economic cooperation with Israel, especially in the field of innovation development and in the defense sector. Israel is one of the world’s leaders in innovation, where we can collaborate both in technology transfer and in the development of new technologies, while taking advantage of the opportunities offered by the EU market,” said Ieva Jāgere, Director of LIAA.
During the forum, Jānis Ošlejs, CEO of the Latvian company Primekss Group, shared his experience in the Israeli market, where the company has been active for more than 10 years. In Israel, the company has installed over 130,000 m² of innovative concrete floor coverings, saving more than 5,000 tons of CO₂ emissions. Currently, exports to Israel account for about 8% of the company’s turnover.
Cooperation with Israel is important for Latvia for several reasons:
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Israel is a global leader in innovation, with the high-tech sector accounting for nearly 50% of its GDP.
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Companies from both countries are already cooperating on projects in digital health, military technology, and green innovation.
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Israeli companies are seeking opportunities to expand their activities in Europe, and Latvia can serve as a gateway to the European market.
At the forum, agreements were reached on the development of new forms of cooperation – including joint research projects, as well as partnerships in the startup and innovation industries. Representatives of both countries agreed to expand cooperation in areas such as defense technologies, hydrogen, semiconductor development, and precision medicine.
About the Investment and Development Agency of Latvia (LIAA)
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth, and foreign investment, while also developing the tourism sector and implementing the country’s national branding strategy. The agency acts as the state’s partner in business development – from idea to international markets. With a wide network of foreign representative offices and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative, and open country in the global economy.
Prepared by:
LIAA International Marketing and Communications Department
E-mail: prese@liaa.gov.lv