Today, on 8th October, the Board Members of the Foreign Investors’ Council in Latvia met with the President of Latvia, Edgars Rinkēvičs, at Riga Castle. The meeting focused on recommendations aimed at enhancing Latvia’s competitiveness, attracting investments, and improving the business environment. 

A key topic of the conversation was the public sector effectiveness. FICIL reiterated the need for a results-driven public administration, one that prioritizes serving citizens and businesses efficiently. The President Rinkēvičs endorsed FICIL’s vision, as it would reduce the administrative burden and stimulate entrepreneurship. Both sides agreed on the importance of continuing to assess and enhance the governance system of state and municipal enterprises. 

Another significant point discussed was the long-term development strategy of the country. Echoing the outcomes of the FICIL High Council Day 1, FICIL suggested to turn Latvia into an internationally recognised innovation hub, powered by 3 S: Smart people and technologies, Sustainable solutions, and Social dialogue. The President appreciated the idea, particularly emphasizing the need for innovation within specific industries and state-owned enterprises to boost Latvia’s competitiveness. 

Finally, FICIL suggested the creation of a Defence Fund to support the sustainable growth of Latvia’s defence industry. The fund would not only strengthen national security, but also stimulate innovation and economic development. President Rinkēvičs welcomed the idea, acknowledging that it would improve transparency of funding.

More information about the meeting is available here.