On 14 October, Minister of Economics Viktors Valainis met with Reiner Haseloff, Prime Minister of the German federal state of Saxony-Anhalt, to discuss opportunities for economic cooperation and investment. During the meeting, the Minister also presented the main directions of Latvia’s economic development strategy and the support available for companies seeking to enter the Latvian market.
Economic cooperation between Latvia and Germany spans several sectors, including energy, bioeconomy, information and communication technologies (ICT), defense, biomedicine, and others. This collaboration continues to develop, aiming to deepen integration with Germany in high-tech innovation areas, with particular focus on bioeconomy, biomedicine, smart materials, energy, and the ICT sector.
Germany is one of Latvia’s most important trading partners. In recent years, Latvia-Germany business cooperation has strengthened and expanded.
“Germany is also one of the key investors in Latvia. The volume of mutual investments is increasing, and there is significant potential for further investment in innovation, technology, biomedicine, ICT, and renewable energy, particularly wind energy. Both sides share a vision for sustainable industrial transformation: Saxony-Anhalt offers advanced research opportunities, while Latvia provides digital infrastructure and a growing innovation ecosystem,” emphasized Minister of Economics Viktors Valainis.
During the meeting, Reiner Haseloff confirmed Saxony-Anhalt’s interest in closer cooperation with Latvia and the Baltic States. He also expressed his readiness to host a delegation of the Ministry of Economics and Latvian entrepreneurs in Germany to introduce them to Saxony-Anhalt companies and establish direct connections for future collaboration.
The discussions focused on potential cooperation in bioeconomy, biotechnology and life sciences, defense, and smart energy sectors. The German delegation was also briefed on Latvia’s current economic and business environment, as well as the available state support for investment in Latvia.
Currently, the Ministry of Economics, in cooperation with the Investment and Development Agency of Latvia (LIAA), is working on investment projects in smart materials, bioeconomy, IT, military industry, smart energy and mobility, biomass production, and biomedicine.
As part of the visit to Riga, the Prime Minister of Saxony-Anhalt visited the company Biosan, the RSU Microbiology and Virology Institute laboratories at Riga Stradiņš University, and met with representatives of the German-Baltic Chamber of Commerce in Estonia, Latvia, and Lithuania (AHK).