Translated using ChatGPT service.
A meeting of the Ministry of Economics leadership with Edmondo Cirielli, Deputy Minister of Foreign Affairs and International Cooperation of Italy, concluded with discussions on economic cooperation, investments, and collaboration in the military sector between Latvia and Italy.
During the talks, Minister of Economics Viktors Valainis emphasized the importance of implementing joint projects between Latvia and Italy for promoting Latvia’s economic growth and stressed that it is essential to continue and expand these efforts.
“It is in our interest to promote bilateral economic cooperation and attract investments. There is significant potential in high value-added sectors. For Latvia, it is important to continue and deepen cooperation with Italy in the fields of innovation and high technologies, which has already resulted in successful initiatives in research, as well as in the development of 5G and the financial sector,” Minister of Economics Viktors Valainis stated.
The meeting addressed bilateral cooperation in investments, highlighting the need to continue promoting mutually beneficial projects.
Particular attention was given to opportunities for expanding cooperation in smart technologies, innovation, construction, and high value-added sectors such as chemistry, pharmaceuticals, biomedicine, and defense.
Officials praised the active involvement of Italian companies in the development of strategic infrastructure, particularly in the European gauge railway project Rail Baltica, as well as in cooperation within the military industry.
Italian companies Italferr and construction and design company Rizzani de Eccher S.p.A. also participated in the meeting, discussing the implementation of the Rail Baltica project. V. Valainis had already met with Italferr management in July this year at a conference in Rome dedicated to the reconstruction of Ukraine, during which it was emphasized that Rail Baltica must be treated as a European Union (EU)-level project. Therefore, Latvia, together with other partners including Italy, must cooperate in securing financial instruments for its further implementation.
Both companies are actively involved in the Rail Baltica project, providing railway infrastructure design and construction in Latvia, including the development of Riga Central Station, the bridge over the Daugava River, and the main railway track, employing both local and foreign specialists.
Italy continues to play a significant role in Latvia’s economy, offering stable trade and investment opportunities. In 2024, total trade turnover reached EUR 1.272 billion. Italian investments in Latvia amounted to EUR 290 million, while Latvian investments in Italy totaled EUR 89 million. As of 30 June 2025, Italy ranked 9th in foreign direct investment in Latvia with EUR 321.7 million and 363 joint ventures, primarily in metal processing, smart materials, and photonics.