Translated using ChatGPT service.
On May 7, the Minister of Economics of Latvia met with the U.S. Ambassador to Latvia, Christopher Robinson, to discuss cooperation between the two countries in various areas. During the meeting, the importance of transatlantic relations and the role of the U.S. in addressing global challenges was emphasized.
The main focus of the conversation was on ensuring Latvia's long-term energy security and independence, with particular emphasis on expanding cooperation in the fields of energy efficiency and technology.
The discussions also covered the potential to develop Latvia’s port areas to become modern centers of economic growth, particularly highlighting logistics, energy, and manufacturing potential. Furthermore, the Minister of Economics is actively addressing the issue of double taxation, which significantly impacts the business environment and economic cooperation between the two countries.
“The U.S. is an important strategic partner for Latvia. It is crucial for Latvia to strengthen its energy independence, create an attractive investment environment, and develop port areas as future economic hubs. At the same time, we want to become a country where the latest technological solutions are tested and implemented. Strong transatlantic relations are essential for the security and economic growth of our region,” said the Minister of Economics, Viktor Valainis.
The U.S. is an important trade and investment partner for Latvia. In 2024, the total trade turnover of goods and services between Latvia and the U.S. reached 1.462 billion euros, which is an increase of 0.7% compared to 2023. This ranked the U.S. 11th among Latvia's most significant foreign trade partners.
Last year, the accumulated direct investment from the U.S. in Latvia reached 446 million euros, an increase of 16.4% compared to 2023. Meanwhile, Latvia's direct investment in the U.S. amounted to 62 million euros, marking a 1.6% increase compared to the previous year.
