Translated using ChatGPT service.
Today marked the first joint training session for representatives of the Ministry of Foreign Affairs and the Investment and Development Agency of Latvia (LIAA) working abroad. The goal is to consolidate resources to foster faster economic growth by increasing Latvia's export volume and the number of incoming investment projects.
The event was opened by Minister of Foreign Affairs Baiba Braže and Parliamentary Secretary of the Ministry of Economics Jurģis Miezainis, who emphasized the need to raise joint ambitions and leverage Latvia’s advantages to strengthen the country’s economic potential.
“We must become more ambitious in attracting investments and promoting Latvia’s economic interests. Times of uncertainty are also times of great opportunity, and we must seize them. Latvia has many advantages — from infrastructure offerings to tax regulation and beyond. Additionally, at the government level, we’ve established a coordination council for large and strategically important investment projects, where we individually address each investor’s needs,” said Miezainis.
The training, taking place in Riga from June 16 to 17, includes participants from Latvian embassies and LIAA’s foreign economic representations. The program features experts from the Bank of Latvia, LIAA, the State Defence Corporation, business organizations, and the Foreign Service, offering insights on macroeconomic challenges, the development of the defence industry, investment portfolio priorities, and the situation in foreign markets.
“Our goal is for every LIAA representation abroad to serve as an effective tool for export promotion, investment attraction, and shaping the national image. This is only possible through close cooperation with the Ministries of Economics and Foreign Affairs. This is especially important now, when security and investment in the defence sector are top priorities,” stressed LIAA Director Ieva Jāgere, adding that LIAA’s investment project portfolio has significantly grown, now encompassing 200 projects with a potential value of €16 billion.
In addition to the training, on June 17 a networking event will be held involving representatives from LIAA and the Ministry of Foreign Affairs, where businesses can receive individual consultations on opportunities and support in foreign markets. Participants will include representatives from the U.S., UAE, Australia, Austria, South Korea, Italy, Japan, Canada, the UK, the Netherlands, Norway, Finland, Spain, Uzbekistan, Germany, Sweden, France, Belgium, the Czech Republic, Egypt, Georgia, Estonia, India, Ireland, Kazakhstan, China, Moldova, Poland, Turkey, Ukraine, and Hungary. The event will also host representatives from the European Enterprise Network and the Latvian Technology Center.
It is noteworthy that LIAA continues to expand its network of foreign representations. On June 12, a new office was opened in Barcelona, Spain. Its mission is to develop Latvia’s economic ties with Spain in both exports and investment attraction. This becomes the 23rd foreign representation of LIAA, with special focus on high value-added sectors such as financial technologies, the defence industry, and wind energy. The Spanish market will also provide Latvian businesses with opportunities to enter the Latin American region.
LIAA’s foreign trade activities are supported by the European Regional Development Fund and the Latvian state budget under the SME Innovative Business Development Programme.
About the Investment and Development Agency of Latvia (LIAA):
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth, and investment attraction. It also develops the tourism sector and implements national branding policies. Acting as a governmental partner in business development — from idea to international markets — LIAA, with its wide network of foreign representations and regional business centers across Latvia, helps businesses grow and positions Latvia as a safe, innovative, and open country in the global economy.
Photo credit: Ministry of Foreign Affairs